Amara Mining

About Amara Mining

Amara Mining plc was a West Africa-focused gold exploration and development company, publicly listed on the AIM market of the London Stock Exchange and the Toronto Stock Exchange. The company was originally founded as Cluff Gold plc on July 6, 2003, by John Gordon Cluff. In October 2012, it rebranded to Amara Mining to signify its strategic focus on the West African region. The company's business model centered on the acquisition, exploration, and development of gold projects. Its revenue streams were historically linked to production from its Kalsaka gold mine in Burkina Faso, which funded the advancement of its larger development pipeline.

The company's key figure was John McGloin, who became Executive Chairman in 2012 and later took on the dual role of Chairman and CEO in August 2014. McGloin, a geologist by training with a background in African mining and later in equity research, steered the company's transition from a producer to a developer. This strategic shift involved halting operations at the Kalsaka/Sega mine in 2014 to concentrate resources on its primary development assets. The company's portfolio was headlined by two significant, undeveloped gold projects: the Baomahun project in Sierra Leone and the flagship Yaouré project in Côte d'Ivoire. Under McGloin's leadership, the Yaouré project's resource base grew substantially from 200,000 ounces to over 6 million ounces. The company aimed to become a mid-tier producer by bringing these large-scale assets into production.

In February 2016, a business combination with Australian-based Perseus Mining Limited was announced, valuing Amara at approximately AUD 120 million. The deal was structured as a UK scheme of arrangement, with Amara shareholders receiving new Perseus shares and warrants. The transaction was completed in April 2016, with Amara ceasing to trade as an independent entity and becoming part of Perseus Mining. The strategic rationale for the merger was to combine Amara's significant development asset, Yaouré, with Perseus's strong balance sheet and operational experience to unlock the project's value. Following the acquisition, Amara's directors John McGloin and Alex Davidson joined the Perseus board, ensuring continuity of expertise.