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Company Reports - Adamus Resources Limited  


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Adamus Resources Limited

Adamus Resources looks to the future in a prospering Ghanaian market

Melissa Rudd

Mining company Adamus merges with Endeavour and remains ambitious about future growth
Adamus Resources looks to the future in a prospering Ghanaian market


Adamus Resources has had a presence in Ghana since 2002, when it began its advanced exploration programme at what became the Nzema Gold Mine in Western Ghana.

In 2008, a feasibility study was undertaken and the building of the mine began in early 2010. After a solid first six months in production, the company is on track to hit its target of producing 100,000 ounces of gold in the first year.


The company also recently announced a merger with Endeavour Mining Corporation. “It is an exciting time for us,” says General Manager (GM) Attie Roux.

“As far as organic growth is concerned, we have an aggressive exploration programme with a highly prospective ground 650km2 area of tenements around the mine.  

 “Another potential growth option is through mergers and acquisition. After a thorough review we decided on merging with a company that had complementary synergies.  Endeavour has a significant presence in West Africa, strong financial capabilities and balance sheet, while Adamus has a proven track record in operations and starting new mines in the region. ”The merger will result in stronger projects in the pipeline. We have in effect doubled the size of the company and are rubbing shoulders with the big boys in the business.”

The merged entity is expected to produce some 172,000 oz of gold from Endeavour’s Youga Gold mine, in Burkina Faso, and Adamus’ Nzema Gold mine, in Ghana.

This production would increase to around 250,000 oz by the end of 2013, when the Agbaou project, in Ivory Coast, is brought into production. A construction decision for this project is expected by the middle of 2012.

As individual entities, both Adamus and Endeavour had a small market cap of around $300-million each which their  limited their market visibility, institutional participation, as well as acquisition opportunities.

“We believe that together, we are better,” commented Endeavour Chief Executive Officer (CEO) Neil Woodyer. “Adamus and Endeavour would be combined for our mutual advantage. It creates a leading West African gold production, development and exploration company, combines experienced management teams, and has a strong cash generation from two operating gold mines.”


Roux says that with a combined skill set, the company’s workforce sets them apart from competitors. “We have just built the first greenfield mine in Ghana for many years and have managed to retain our expertise where other companies have not been successful. For example, in developing the Agbou project [greenfield], we have the skills internally to do it ourselves and financed it with internally generated cash flow.”

The company actively recruits people from the local area as part of its agreement with the surrounding communities. The first batch of recruits has successfully passed their year’s training to become fully trained operators. On the technical side of operations, four local graduates  hired in the chemical/process engineering field are being trained in-house to become plant supervisors with the aim of eventually going into management.

Adamus’ partners AMS has also trained people to become truck and excavator operators.  Additionally, Adamus also runs a programme jointly sponsored by the Australian High Commission at Kikam Technical Institute near  the mine whereby it sponsors the training of several youth in basic technical skills such as carpentry, masonry, cell phone repairs. “These are not necessarily related to mine work but we want local people to have life sustaining skills which could be used in several industries, adds Roux.

 Ghana has a programme where university graduates go through a kind of ‘national service’. This year, between 10 and 15 people were selected by Adamus, who have recently acquired their qualification in the fields of mining, HR, finance, and surveying fields. The plan is to develop their capacities with a goal of securing employment in the future. We take them and employ them for one year; it gives us a good chance to evaluate them for potential future employment. We are not obliged to employ them permanently but in most cases we do – it is a great way for us to recruit and find new talent.”


Roux states that the supply chain for the company is one of the most important aspects of day-to-day business. “We have a whole series of suppliers for various items ranging from equipment, pipes and chemicals like cyanide. We have long term contracts with several suppliers where they secure our products on schedule.

“With other companies we have a consignment arrangement, whereby at their cost they keep equipment for us and we can use as needed. There are always new people trying to enter the market but that’s where the long-term relationships come in, sometimes it is more about the relationship than just price - that is what the mining industry is all about.”


One of the main areas where Adamus spends capital is in its relocation of villages affected by mining activities and this is taken very seriously.  

“One village has to be relocated entirely and two other villages will be partially relocated,” states Roux. “The Salman village has been built which includes 450 houses to house 2,000 people that are being relocated.  The new community has been completed and we are planning the relocation of the community this month.

Adamus says it uses only the best software for its systems in areas such as geology and various other programmes while using teams full of expertise in mining. “If we can purchase anything that improves efficiency then we will do so.”

“With our first year of operations completed, our intention is to optimise our operations and continue to grow by looking for the right opportunities,” Roux signs off.

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