DOCSLIB.ORG

Keras Resources (KRS.L)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Keras Resources (KRS.L) 22 March 2016 Keras Resources (KRS.L) Metals & Mining The Only Way to Play the Perfect Storm 1.2 1.1 1.0 Keras Resources is an AIM-quoted resource development company with a diverse suite of 0.9 assets in Australia and Africa. Given the iron ore sector downturn, Keras has stepped back 0.8 from its African iron ore projects to focus on near-term gold production assets in Western 0.7 Australia. Keras plans to commence gold production in Q2 2016, with a plan to build into a 30- 0.6 40koz producer. This new strategy drives shareholder value by acquiring access to permitted 0.5 projects with low capex and opex, and the potential for near-term cash flow. 0.4 0.3 Jan 2015 Apr 2015 Jul 2015 Oct 2015 Jan 2016 Unique Strategy. Keras, previously known as Ferrex Plc, has secured three “Tribute” Source: LSE, KRS.L share price (p) agreements in the Kalgoorlie region of Western Australia, one of the most prolific gold Market data: producing regions in the world. Tribute Mining involves the mining of resources owned by third parties, on existing mining leases, and sending the ore for toll treatment at a nearby Market London (AIM) EPIC KRS process plant. The deals are typically structured as profit share or royalty agreements. Price 1.09 Near-term Cash Flow. The advantage of a tribute deal is that because mining takes place on 12m High (p) 1.09 existing leases, there is no onerous permitting process. Furthermore, mining is normally 12m Low (p) 0.35 focused on orebodies forming remnant resources below existing open pits, or previously Shares (bn) 1.19 un-mined shallow deposits. The use of existing infrastructure and toll processing means Market Cap (£m) 10.5 Free Float (%) 72% that capital requirements to restart production are largely negligible, amounting to working capital only, allowing projects to be fast-tracked into production. Description Resource development company focused Production Plan. Initial gold production will come from the Grants Patch Tribute project, primarily on gold projects in Western with first production and revenues due in Q2 2016. Throughout 2016, Keras plans to bring Australia. First gold production due in Q2 2016 from a number of low capex tribute projects. on-line several other open pit operations, steadily ramping up gold production. Longer term pipeline includes the Nayega Manganese project in Togo, where Keras High-grade Upside. Cash flow from open pit mining will be used to develop high-grade awaits the granting of the Mining Licence. underground projects such as the Prince of Wales mine which previously produced 230koz www.kerasplc.com at 10g/t gold. Cash will also be directed towards new acquisitions in the WA gold space. Directors Best of the Best. Western Australia is ranked as the top jurisdiction in the world for mining Brian Moritz Non-Exec Chairman Dave Reeves Managing Director investment based on mineral policy, tax, geological prospectivity and other factors. James Carter Finance Director The Perfect Storm. The devaluation of the A$ has caused the Aussie gold price to soar away Roy Pitchford Non-Exec Director from the US gold price, and in combination with lower input costs due to spare capacity, Russell Lamming Non-Exec Director Aussie gold miners are currently enjoying the perfect storm and sector-leading margins. Peter Hepburn-Brown Non-Exec Director Pipeline. Keras could rapidly develop the Nayega manganese project in Togo within 9 months upon receipt of the mining permit, and subject to funding. Nayega is a low capital intensity project with good infrastructure. Manganese is a key ingredient in steel, and prices have sky-rocketed in 2016 due to limited stocks and a wave of Chinese demand. Keras is the only way to gain pure-play exposure to the buoyant Australian gold sector either on AIM or the Main Market. We have not undertaken DCF valuation analysis due to the fluid nature of the production plan and lack of hard inputs (costs, schedules etc.) whilst Keras finalises mine plans. However, we see scope for a significant re-rating in the company’s shares upon making the transition to producer. With near-term cash flow on the horizon and an Analyst aggressive growth strategy in place, the shares offer a cheap entry point into a compelling gold Phil Swinfen +44 (0)207 186 9950 play, in our view. 22 March 2016 Contents Keras: Gold and cash flow focus ............................................................................................. 3 Directors and Management ................................................................................................ 4 Company Structure .............................................................................................................. 5 Capital Structure .............................................................................................................. 5 A New Strategy – Refocus on Gold Tributes ...................................................................... 6 News Catalysts & Development Plan ................................................................................. 8 Funding & Financials ............................................................................................................ 9 Valuation Considerations – too early to peg ..................................................................... 9 Australian Gold – Exploiting the sweet spot .................................................................... 10 Location – Western Australia is the No.1 Jurisdiction .................................................... 13 Processing capacity in WA, plenty of options .................................................................. 14 Australian Gold Tribute Projects ........................................................................................... 15 Keras – One of the only ways to play the sector on AIM ........................................... 15 Tribute 1: Grants Patch ..................................................................................................... 16 POW Underground – the high grade prize .................................................................. 21 Tribute 2: Wycheproof ...................................................................................................... 23 Tribute 3: KalNorth ............................................................................................................ 24 Nayega Manganese - future potential ................................................................................ 28 Disclaimer ............................................................................................................................... 30 2 22 March 2016 Keras: Gold and cash flow focus Keras Resources plc (ticker: KRS) is an AIM-quoted resource development company with a diverse suite of assets in Australia and Africa. The company is focused on driving shareholder value by attaining near-term cash flow through the development of advanced stage, low capital expenditure mining projects in favourable jurisdictions. The company’s current commodity focus is gold and Keras plans to commence initial gold production from its portfolio of Australian gold assets in Q2 2016, taking advantage of the opportunity created by currently low input costs and a favourable Australian dollar gold price. Keras aims to become a 30-40kozpa gold producer. Keras anticipates directing the free cash flow towards further development of high- margin Australian gold opportunities in addition to subsidising the development of the company’s Nayega Manganese project in Togo, minimising equity dilution. Gold: Keras has secured three “Tribute” agreements in Western Australia; Grants Patch, Wycheproof and KalNorth. The tribute agreements give Keras the right to mine existing gold deposits on third party mining tenements, utilising existing infrastructure and processing plants, typically in return for a profit share agreement based on gold production. Keras has secured tribute agreements over some of the most prospective areas in the prolific Western Australian Goldfields. Currently, Keras’ tribute agreements cover historical resources of c. 585koz, and management anticipate an initial production rate of 15-25kozpa from Q2 2016. The projects benefit from extremely low or negligible acquisition cost, coupled with minimal capex requirements with gold-bearing ore being processed through existing mills. Manganese: Keras holds an 85% interest in the Nayega manganese permit in northern Togo. A bankable feasibility study has been completed and the grant of a mining permit is awaited. The BFS indicates that Nayega has potential to be a low- capex, open pit mine, producing 250ktpa of 38% manganese concentrate. Other: Keras also holds a variety of iron ore and manganese assets in Gabon and South Africa. Given current iron ore market conditions, these projects are non-core and Keras is assessing ways to realise value from the assets. Keras’s share price has displayed a degree of weakness over the last two years, in-line with peers due to considerable commodity sector headwinds and weak sentiment. With mining and commodities approaching, or already at the bottom of a cyclical low, virtually all resource companies have suffered significant share price declines. In particular, iron ore prices have declined 75% since their peak in 2011. However, Keras’s shares have gained considerable traction since December 2015 as a direct result of refocusing the portfolio on Australian gold opportunities. Figure 1 - KRS 3 year share price (p) Figure 2 - KRS 1 year share price (p) 3.0 1.2
Load more

Recommended publications
  • Continental Complexities: a Multidisciplinary Introduction to Africa
    Continental Complexities A Multidisciplinary Introduction to Africa By Dr. Ibigbolade Simon Aderibigbe and Dr. Akinloye Ojo Included in this preview: • Table of Contents • Chapter 1 & 2 For additional information on adopting this book for your class, please contact us at 800.200.3908 x501 or via e-mail at [email protected] Dpoujofoubm!Dpnqmfyjujft A MULTIDISCIPLINARY INTRODUCTION TO AFRICA Revised Edition Edited by Ibigbolade Aderibigbe and Akinloye Ojo University of Georgia Bassim Hamadeh, CEO and Publisher Christopher Foster, General Vice President Michael Simpson, Vice President of Acquisitions Jessica Knott, Managing Editor Kevin Fahey, Cognella Marketing Manager Jess Busch, Senior Graphic Designer Zina Craft , Acquisitions Editor Jamie Giganti, Project Editor Brian Fahey, Licensing Associate Copyright © 2013 by Cognella, Inc. All rights reserved. No part of this publication may be reprinted, reproduced, transmitted, or utilized in any form or by any electronic, mechanical, or other means, now known or hereaft er invented, including photocopying, microfi lming, and recording, or in any information retrieval system without the written permission of Cognella, Inc. First published in the United States of America in 2013 by Cognella, Inc. Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identifi cation and explanation without intent to infringe. Printed in the United States of America ISBN: 978-1-62131-133-1 (pbk) Contents The Study of Africa: An Introduction 1 Ibigbolade Aderibigbe
    [Show full text]
  • 71St Annual Meeting Society of Vertebrate Paleontology Paris Las Vegas Las Vegas, Nevada, USA November 2 – 5, 2011 SESSION CONCURRENT SESSION CONCURRENT
    ISSN 1937-2809 online Journal of Supplement to the November 2011 Vertebrate Paleontology Vertebrate Society of Vertebrate Paleontology Society of Vertebrate 71st Annual Meeting Paleontology Society of Vertebrate Las Vegas Paris Nevada, USA Las Vegas, November 2 – 5, 2011 Program and Abstracts Society of Vertebrate Paleontology 71st Annual Meeting Program and Abstracts COMMITTEE MEETING ROOM POSTER SESSION/ CONCURRENT CONCURRENT SESSION EXHIBITS SESSION COMMITTEE MEETING ROOMS AUCTION EVENT REGISTRATION, CONCURRENT MERCHANDISE SESSION LOUNGE, EDUCATION & OUTREACH SPEAKER READY COMMITTEE MEETING POSTER SESSION ROOM ROOM SOCIETY OF VERTEBRATE PALEONTOLOGY ABSTRACTS OF PAPERS SEVENTY-FIRST ANNUAL MEETING PARIS LAS VEGAS HOTEL LAS VEGAS, NV, USA NOVEMBER 2–5, 2011 HOST COMMITTEE Stephen Rowland, Co-Chair; Aubrey Bonde, Co-Chair; Joshua Bonde; David Elliott; Lee Hall; Jerry Harris; Andrew Milner; Eric Roberts EXECUTIVE COMMITTEE Philip Currie, President; Blaire Van Valkenburgh, Past President; Catherine Forster, Vice President; Christopher Bell, Secretary; Ted Vlamis, Treasurer; Julia Clarke, Member at Large; Kristina Curry Rogers, Member at Large; Lars Werdelin, Member at Large SYMPOSIUM CONVENORS Roger B.J. Benson, Richard J. Butler, Nadia B. Fröbisch, Hans C.E. Larsson, Mark A. Loewen, Philip D. Mannion, Jim I. Mead, Eric M. Roberts, Scott D. Sampson, Eric D. Scott, Kathleen Springer PROGRAM COMMITTEE Jonathan Bloch, Co-Chair; Anjali Goswami, Co-Chair; Jason Anderson; Paul Barrett; Brian Beatty; Kerin Claeson; Kristina Curry Rogers; Ted Daeschler; David Evans; David Fox; Nadia B. Fröbisch; Christian Kammerer; Johannes Müller; Emily Rayfield; William Sanders; Bruce Shockey; Mary Silcox; Michelle Stocker; Rebecca Terry November 2011—PROGRAM AND ABSTRACTS 1 Members and Friends of the Society of Vertebrate Paleontology, The Host Committee cordially welcomes you to the 71st Annual Meeting of the Society of Vertebrate Paleontology in Las Vegas.
    [Show full text]
  • Letter to African Minerals Limited and Response
    HUMAN RIGHTS WHOSE DEVELOPMENT? Human Rights Abuses in Sierra Leone’s Mining Boom WATCH Whose Development? Human Rights Abuses in Sierra Leone’s Mining Boom Copyright © 2014 Human Rights Watch All rights reserved. Printed in the United States of America ISBN: 978-1-62313-1067 Cover design by Rafael Jimenez Human Rights Watch is dedicated to protecting the human rights of people around the world. We stand with victims and activists to prevent discrimination, to uphold political freedom, to protect people from inhumane conduct in wartime, and to bring offenders to justice. We investigate and expose human rights violations and hold abusers accountable. We challenge governments and those who hold power to end abusive practices and respect international human rights law. We enlist the public and the international community to support the cause of human rights for all. Human Rights Watch is an international organization with staff in more than 40 countries, and offices in Amsterdam, Beirut, Berlin, Brussels, Chicago, Geneva, Goma, Johannesburg, London, Los Angeles, Moscow, Nairobi, New York, Paris, San Francisco, Tokyo, Toronto, Tunis, Washington DC, and Zurich. For more information, please visit our website: http://www.hrw.org FEBRUARY 2014 978-1-62313-1067 Whose Development? Human Rights Abuses in Sierra Leone’s Mining Boom Map of Sierra Leone ............................................................................................................ i Summary ..........................................................................................................................
    [Show full text]
  • Maceral Types and Quality of Coal in the Tuli Coalfield: a Case
    applied sciences Article Maceral Types and Quality of Coal in the Tuli Coalfield: A Case Study of Coal in the Madzaringwe Formation in the Vele Colliery, Limpopo Province, South Africa Elelwani Denge * and Christopher Baiyegunhi Department of Geology and Mining, University of Limpopo, Private Bag X1106, Sovenga 0727, South Africa; [email protected] * Correspondence: [email protected] Featured Application: Authors are encouraged to provide a concise description of the specific application or a potential application of the work. This section is not mandatory. Abstract: The Madzaringwe Formation in the Vele colliery is one of the coal-bearing Late Palaeozoic units of the Karoo Supergroup, consisting of shale with thin coal seams and sandstones. Maceral group analysis was conducted on seven representative coal samples collected from three existing boreholes—OV125149, OV125156, and OV125160—in the Vele colliery to determine the coal rank and other intrinsic characteristics of the coal. The petrographic characterization revealed that vitrinite is the dominant maceral group in the coals, representing up to 81–92 vol.% (mmf) of the total sample. Collotellinite is the dominant vitrinite maceral, with a total count varying between 52.4 vol.% (mmf) and 74.9 vol.% (mmf), followed by corpogelinite, collodetrinite, tellinite, and pseudovitrinite with a Citation: Denge, E.; Baiyegunhi, C. count ranging between 0.8 and 19.4 vol.% (mmf), 1.5 and 17.5 vol.% (mmf), 0.8 and 6.5 vol.% (mmf) Maceral Types and Quality of Coal in the Tuli Coalfield: A Case Study of and 0.3 and 5.9 vol.% (mmf), respectively. The dominance of collotellinite gives a clear indication Coal in the Madzaringwe Formation that the coals are derived from the parenchymatous and woody tissues of roots, stems, and leaves.
    [Show full text]
  • Taphonomy As an Aid to African Palaeontology*
    Palaeont. afr., 24 (1981 ) PRESIDENTIAL ADDRESS: TAPHONOMY AS AN AID TO AFRICAN PALAEONTOLOGY* by C.K. Brain Transvaal Museum, P.O. Box 413, Pretoria 0001 SUMMARY Palaeontology has its roots in both the earth and life sciences. Its usefulness to geology comes from the light which the understanding of fossils may throw on the stratigraphic re­ lationships of sediments, or the presence of economic deposits such as coal or oil. In biology, the study of fossils has the same objectives as does the study of living animals or plants and such objectives are generally reached in a series of steps which may be set out as follows: STEP I. Discovering what forms of life are, or were, to be found in a particular place at a particular time. Each form is allocated a name and is fitted into a system of classification. These contributions are made by the taxonomist or the systematist. STEP 2. Gaining afuller understanding ofeach described taxon as a living entity. Here the input is from the anatomist, developmental biologist, genetIcIst, physi­ ologist or ethologist and the information gained is likely to modify earlier decisions taken on the systematic position of the forms involved. STEP 3. Understanding the position ofeach form in the living community or ecosystem. This step is usually taken by a population biologist or ecologist. Hopefully, any competent neo- or palaeobiologist (I use the latter term deliberately in this context in preference to "palaeontologist") should be able to contribute to more than one of the steps outlined above. Although the taxonomic and systematic steps have traditionally been taken in museums or related institutions, it is encouraging to see that some of the steps subsequent to these very basic classificatory ones are now also being taken by museum biol­ ogists.
    [Show full text]
  • Stratigraphy, Sedimentary Facies and Diagenesis of the Ecca Group, Karoo Supergroup in the Eastern Cape, South Africa
    STRATIGRAPHY, SEDIMENTARY FACIES AND DIAGENESIS OF THE ECCA GROUP, KAROO SUPERGROUP IN THE EASTERN CAPE, SOUTH AFRICA By Nonhlanhla Nyathi Dissertation submitted in fulfilment of the requirements for the degree of Master of Science In Geology FACULTY OF SCIENCE AND AGRICULTURE UNIVERSITY OF FORT HARE SUPERVISOR: PROFESSOR K. LIU CO-SUPERVISOR: PROFESSOR O. GWAVAVA APRIL 2014 DECLARATION I, Nonhlanhla Nyathi, hereby declare that the research described in this dissertation was carried out in the field and under the auspices of the Department of Geology, University of Fort Hare, under the supervision of Professor K. Liu and Prof. O. Gwavava. This dissertation and the accompanying photographs represent original work by the author, and have not been submitted, in whole or in part, to any other university for the purpose of a higher degree. Where reference has been made to the work of others, it has been dully acknowledged in the text. N. NYATHI Date signed: 12/04/2014 Place signed: Alice ACKNOWLEDGEMENTS The author is indebted to Professor K. Liu for his guidance, knowledge on all aspects of the project, constant supervision and help in doing field wok. Professor O. Gwavava is much appreciated for being my co-supervisor and helping me obtain financial support from the Goven Mbeki Research Development Centre. I am deeply grateful for the emotional support and encouragement from my parents and family. I express my profound gratitude to Mr Edwin Mutototwa and Mr Eric Madifor always taking time to read through my dissertation. The Rhodes University Geology laboratory technicians are thanked for their assistance in the making of thin sections.
    [Show full text]
  • Consolidated Mineral Resources and Ore Reserves Report (Cmrr) 0
    Exxaro 2015 consolidated mineral resources and ore reserves report aro 2015 consolidated mineral resources and ore reserves report 2015 CONSOLIDATED MINERAL RESOURCES AND ORE RESERVES REPORT (CMRR) 0 Exxaro 2015 consolidated mineral resources and ore reserves report TABLE OF CONTENTS TABLE OF CONTENTS ......................................................................................................................... 1 TABLE OF FIGURES ............................................................................................................................. 2 LIST OF TABLES .................................................................................................................................. 3 1 FOREWORD ................................................................................................................................ 4 2 INTRODUCTION .......................................................................................................................... 5 3 TENURE ..................................................................................................................................... 12 4 GOVERNANCE .......................................................................................................................... 15 5 COMPETENT PERSONS .......................................................................................................... 16 6 RISK, LIABILITY AND ASSURANCE ....................................................................................... 17 7 GROUP SUMMARY OF RESOURCE
    [Show full text]
  • Plate Tectonics: a Unifying Theory 11487 02 Ch02 P032-069.Qxd 2/27/06 4:04 PM Page 33
    11487_02_ch02_p032-069.qxd 2/16/06 9:31 AM Page 32 Chapter 2 Plate Tectonics: A Unifying Theory 11487_02_ch02_p032-069.qxd 2/27/06 4:04 PM Page 33 Essential Questions to Ask 2.1 Introduction Ⅲ Why should you know about plate tectonics? 2.2 Continental Drift Ⅲ What were some early ideas about Earth’s past geography? Ⅲ What is the continental drift hypothesis and who proposed it? 2.3 Evidence for Continental Drift Ⅲ What is the evidence for continental drift? 2.4 Paleomagnetism and Polar Wandering Ⅲ What is paleomagnetism? Ⅲ What is the Curie point and why is it important? Ⅲ How can the apparent wandering of the magnetic poles be best explained? 2.5 Magnetic Reversals and Seafloor Spreading Ⅲ What evidence is there that Earth’s magnetic field has reversed in the past? Ⅲ What is the theory of seafloor spreading, and how does it validate continental drift? Ⅲ How was the theory of seafloor spreading confirmed? 2.6 Plate Tectonics: A Unifying Theory Ⅲ What are the main tenets of plate tectonic theory? Ⅲ Why is plate tectonics a unifying theory of geology? Ⅲ What is the supercontinent cycle? 2.7 The Three Types of Plate Boundaries Ⅲ What are the three types of plate boundaries? Ⅲ What are divergent boundaries? Ⅲ What features in the geologic record indicate ancient rifting? Ⅲ What are convergent boundaries? Ⅲ How can ancient subduction zones be recognized in the geologic record? Ⅲ What are transform boundaries? 2.8 Hot Spots: An Intraplate Feature Ⅲ What are hot spots and what do they tell us about plate movement? 2.9 Plate Movement and Motion Ⅲ How
    [Show full text]
  • Dictionary of Geology and Mineralogy
    McGraw-Hill Dictionary of Geology and Mineralogy Second Edition McGraw-Hill New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto All text in the dictionary was published previously in the McGRAW-HILL DICTIONARY OF SCIENTIFIC AND TECHNICAL TERMS, Sixth Edition, copyright ᭧ 2003 by The McGraw-Hill Companies, Inc. All rights reserved. McGRAW-HILL DICTIONARY OF GEOLOGY AND MINERALOGY, Second Edi- tion, copyright ᭧ 2003 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 1234567890 DOC/DOC 09876543 ISBN 0-07-141044-9 This book is printed on recycled, acid-free paper containing a mini- mum of 50% recycled, de-inked fiber. This book was set in Helvetica Bold and Novarese Book by the Clarinda Company, Clarinda, Iowa. It was printed and bound by RR Donnelley, The Lakeside Press. McGraw-Hill books are available at special quantity discounts to use as premi- ums and sales promotions, or for use in corporate training programs. For more information, please write to the Director of Special Sales, McGraw-Hill, Professional Publishing, Two Penn Plaza, New York, NY 10121-2298. Or contact your local bookstore. Library of Congress Cataloging-in-Publication Data McGraw-Hill dictionary of geology and mineralogy — 2nd. ed. p. cm. “All text in this dictionary was published previously in the McGraw-Hill dictionary of scientific and technical terms, sixth edition, —T.p.
    [Show full text]
  • Palaeontological Impact Assessment for the Proposed Construction of One Large Residential Township in Maokeng, Kroonstad, Free State Province
    Palaeontological Impact Assessment for the proposed construction of one large residential township in Maokeng, Kroonstad, Free State Province Desktop Study For Archaeological and Heritage Services Africa (Pty) Ltd Prof Marion Bamford Palaeobotanist P Bag 652, WITS 2050 Johannesburg, South Africa [email protected] Expertise of Specialist The Palaeontologist Consultant is: Prof Marion Bamford Qualifications: PhD (Wits Univ, 1990); FRSSAf, ASSAf Experience: 30 years research; 23 years PIA studies Declaration of Independence This report has been compiled by Professor Marion Bamford, of the University of the Witwatersrand, sub-contracted by Archaeological and Heritage Services Africa (Pty) Ltd, South Africa. The views expressed in this report are entirely those of the author and no other interest was displayed during the decision making process for the Project. Specialist: Prof Marion Bamford Signature: 1 Executive Summary A palaeontological Impact Assessment was requested for the proposed construction of a large area of residential housing, the northern Maokeng Housing Development, Kroonstad. To comply with the South African Heritage Resources Agency (SAHRA) in terms of Section 38(8) of the National Heritage Resources Act, 1999 (Act No. 25 of 1999) (NHRA), a desktop Palaeontological Impact Assessment (PIA) was completed for the proposed project. The proposed sites lie on the sandstones and mudstones of the late Permian, Adelaide Subgroup, Beaufort Group, Karoo Supergroup. Although fossils have not been reported from this site there is a small chance that typical vertebrates of the Pristerognathus, Tropidostoma, Cistecephalus and Dicynodon Assemblage Zones could occur, as well as typical (but very infrequent) late Glossopteris flora plants, could occur in the sediments just below the surface.
    [Show full text]
  • FOREST-SMART MINING Identifying Factors Associated with the Impacts of Large-Scale Mining on Forests
    FOREST-SMART MINING Identifying Factors Associated with the Impacts of Large-Scale Mining on Forests Credit: Jeremy Holden/FFI. Suggested Citation: Forest-Smart Mining: Large-Scale Mining on Forests (LSM), World Bank, 2019 Disclaimer: This work is a product of the staff of The World Bank with external contributions. All omissions and inaccuracies in this document are the responsibility of the authors. The findings, interpretations, and views expressed in this guide do not necessarily represent those of the institutions involved, nor do they necessarily reflect the views of PROFOR, The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. © 2019 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. This document has been prepared by Fauna & Flora International (FFI) for the public interest purposes of sharing good practice so as to ensure positive forest outcomes in the future. The information contained in this document has been obtained from public sources, as well as from the companies concerned in some instances.
    [Show full text]
  • OCCASION This Publication Has Been Made Available to the Public on The
    OCCASION This publication has been made available to the public on the occasion of the 50th anniversary of the United Nations Industrial Development Organisation. DISCLAIMER This document has been produced without formal United Nations editing. The designations employed and the presentation of the material in this document do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations Industrial Development Organization (UNIDO) concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries, or its economic system or degree of development. Designations such as “developed”, “industrialized” and “developing” are intended for statistical convenience and do not necessarily express a judgment about the stage reached by a particular country or area in the development process. Mention of firm names or commercial products does not constitute an endorsement by UNIDO. FAIR USE POLICY Any part of this publication may be quoted and referenced for educational and research purposes without additional permission from UNIDO. However, those who make use of quoting and referencing this publication are requested to follow the Fair Use Policy of giving due credit to UNIDO. CONTACT Please contact [email protected] for further information concerning UNIDO publications. For more information about UNIDO, please visit us at www.unido.org UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION Vienna International Centre, P.O. Box 300, 1400 Vienna, Austria Tel: (+43-1) 26026-0 · www.unido.org · [email protected] "" "% .'Í03W-D031A0 pioeii»iN«t «mm :sf 1 Ihiltail NatliiM »5 gr',. ,,av\'- '''Minami ••#* tó.
    [Show full text]