Niger committee says studies Semafo gold contract

NIAMEY, July 9 (BestGrowthStock) – A Nigerien committee set up to
tackle economic and financial irregularities said on Friday it
was studying a contract signed by Canada’s Semafo (SMF.TO: ) to
mine gold in the west of the country.

“Since this company started its activities, Niger has not
seen a single franc despite its being a shareholder,” committee
president Abdoulkarim Mossi told a news conference of the 20
percent state share in the Samira Hill mine, 80 percent owned by
Semafo.

Samira Hill produced 56,900 ounces of gold in 2009, just
under a quarter of Semafo’s total gold output. Mossi’s committee
has the power to recommend to Niger’s military junta that
contracts deemed unbeneficial to Niger be annulled.
(Reporting by Abdoulaye Massalaatchi; writing by Mark John)

Niger committee says studies Semafo gold contract