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Acquisition of Gold Fields Yanfolila Project

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Acquisition of Gold Fields

Yanfolila Project

Disclaimer

1

The content of this document has not been

approved by an authorised person within the

meaning of the Financial Services and

Markets Act 2000. Reliance on this document

for the purpose of engaging in any investment

activity may expose an individual to a

significant risk of losing all of the property or

other assets invested. These presentation

slides (the “Slides”) have been prepared by,

and are the sole responsibility of, the directors

of Hummingbird Resources plc (the

“Company”). Those directors have taken all

reasonable care to ensure that the facts

stated herein are true to the best of their

knowledge, information and belief.

These Slides do not comprise an admission

document, listing particulars or a prospectus

relating to the Company or any subsidiary of

the Company, do not constitute an offer or

invitation to purchase or subscribe for any

securities of the Company and should not be

relied on in connection with a decision to

purchase or subscribe for any such securities.

The Slides and any accompanying verbal

presentation do not constitute a

recommendation regarding any decision to

sell or purchase securities in the Company.

By accepting these Slides you confirm,

represent and warrant that you have

consented to receive inside information (as

defined in the Criminal Justice Act 1993 and

the Financial Services and Markets Act 2000

(as amended)), and you agree not to deal in

any securities of the Company until such time

as such inside information has been made

public and until such time that the Placing has

been publicly announced by the Company.

The Slides and any accompanying verbal

presentation are confidential and are being

supplied to you solely for your information.

The Slides should not unless otherwise

agreed in writing by the Company be

reproduced or distributed to any other person

or published, in whole or in part, for any

purpose. No reliance may be placed for any

purpose whatsoever on the information

contained in the Slides and the accompanying

verbal presentation or the completeness or

accuracy of such information.

No representation or warranty, express or

implied, is given by or on behalf of the

Company or its shareholders, directors,

officers or employees or any other person as

to the accuracy or completeness of the

information or opinions contained in the Slides

and the accompanying verbal presentation,

and no liability is accepted for any such

information or opinions (including in the case

of negligence, but excluding any liability for

fraud). The Slides contain forward-looking

statements, which relate, inter alia, to the

Company’s proposed strategy, plans and

objectives.

The content of this document has not been

approved by an authorised person within the

meaning of the Financial Services and

Markets Act 2000. Reliance on this document

for the purpose of engaging in any investment

activity may expose an individual to a

significant risk of losing all of the property or

other assets invested. These presentation

slides (the “Slides”) have been prepared by,

and are the sole responsibility of, the directors

of Hummingbird Resources plc (the

“Company”). Those directors have taken all

reasonable care to ensure that the facts

stated herein are true to the best of their

knowledge, information and belief.

These Slides do not comprise an admission

document, listing particulars or a prospectus

relating to the Company or any subsidiary of

the Company, do not constitute an offer or

invitation to purchase or subscribe for any

securities of the Company and should not be

relied on in connection with a decision to

purchase or subscribe for any such securities.

The Slides and any accompanying verbal

presentation do not constitute a

recommendation regarding any decision to

sell or purchase securities in the Company.

By accepting these Slides you confirm,

represent and warrant that you have

consented to receive inside information (as

defined in the Criminal Justice Act 1993 and

the Financial Services and Markets Act 2000

(as amended)), and you agree not to deal in

any securities of the Company until such time

as such inside information has been made

public and until such time that the Placing has

been publicly announced by the Company.

The Slides and any accompanying verbal

presentation are confidential and are being

supplied to you solely for your information.

The Slides should not unless otherwise

agreed in writing by the Company be

reproduced or distributed to any other person

or published, in whole or in part, for any

purpose. No reliance may be placed for any

purpose whatsoever on the information

contained in the Slides and the accompanying

verbal presentation or the completeness or

accuracy of such information.

No representation or warranty, express or

implied, is given by or on behalf of the

Company or its shareholders, directors,

officers or employees or any other person as

to the accuracy or completeness of the

information or opinions contained in the Slides

and the accompanying verbal presentation,

and no liability is accepted for any such

information or opinions (including in the case

of negligence, but excluding any liability for

fraud). The Slides contain forward-looking

statements, which relate, inter alia, to the

Company’s proposed strategy, plans and

objectives.

Transformational acquisition

•Building a multi-project gold Company:

production, development and exploration

•Targeting high quality development and production

assets with upside

•Exploiting opportunity of current gold market dynamic

(divestment and distressed opportunities)

•Acquisition of Yanfolila project from Gold Fields

•Consideration of US$20m in HUM shares at 56p

•Approx US$100m historic spend and US$65m tax credit

•Fully permitted 1.8Moz Au at 2.8g/t

and significant exploration upside

•IRR 53%2

•Capex US$522

•Fully permitted project

•Use expertise to “right size” projects

and optimise capex

•Key Gold Fields management

will join Hummingbird

•Phase 1: Oxide only plant, 850ktpa for up to

80k oz production at US$503/oz cash cost in 20152

Hummingbird

(Liberia) Dugbe1

4.2Moz

Str

ateg

yA

cqu

isit

ion

Del

iver

y

Hummingbird

(Mali) Yanfolila

1.8Moz

1Based on 15 days VWAP on signing of exclusivity agreement with Gold Fields.2HUM internal financial modelling.

6Moz Gold

Resources

Yanfolila cash flow supports Dugbe 1 development

2

Yanfolila, Mali – transaction summary

• Consideration US$20m by way of 21.3m ordinary shares

in HUM at 56 pence/share1

• Gold Fields c.26% shareholder of HUM on completion of deal

• 12 month orderly market agreement

• Pro rata pre-emption right to maintain strategic holding

• No board representation

• All major HUM shareholders support the transaction

% Equity 74% 26% 100%

Hummingbird Gold Fields Post deal

Ordinary Shares 59,484,764 21,258,503 79,743,267

Market Cap 32,751,468 11,904,762 44,656,230

Cash £ 5,952,381 - 5,952,381

Debt £ - - -

EV £ £ 26,799,087 £ 11,904,762 £ 38,703,849

EV $ $ 45,022,466 $ 20,000,000 $ 65,022,466

Resource (au equiv ozs) 4,220,000 1,817,400 6,037,400

EV/Resources oz 10.98 11.00 10.99

1Based on 15 days VWAP on signing of exclusivity agreement with Gold Fields

Source : Intierra and company websites

3

Hummingbird - the new multi-project gold company

Total resources: 4.2Moz at 1.4 g/t

• Indicated resources: 2Moz at 1.5g/t

DFS due in 2014

Operational in country for 7 years

75,000m drill data

3,200km2 exploration potential

Provides scale and longer-term growth

20 year mine life

Total resources: 1.8Moz at 2.8 g/t

• Indicated resources: 0.9Moz at 3.3 g/t

Fully permitted

Full GF operational team and camp

420,000m drill data

2,300km2 exploration potential

Approx US$100m spent to date

(US$65m tax credit)

Near-term production

Dugbe 1Yanfolila

Hummingbird Re-Positioned

1Being the aggregate of the NI 43-101 compliant resources of 4.2moz (based on 0.5g/t cut-off) at Dugbe 1 and 1.8Moz (based on a 1.0g/t cut-off) at Yanfolila. Note that the resource

inventory at Yanfolila has not been independently verified.

Total resources: 6Moz gold resources1

Extensive exploration upside: 5,000km2 of licence area

Combines near-term production and cash generation from

Yanfolila with scale and longer-term growth from Dugbe 1

Multiple avenues to unlock additional value from Yanfolila-

additional satellite pits, heap leach, asset spin offs

A new multi asset producer with a strong platform for growth

Funded to deliver optimisation

Near-term cash flow generation and longer-term large scale growth

4

Hummingbird – consistent growth delivery

Proven track record in West Africa

•Discovered 4.2Moz Au in 4 years

•One of the lowest cost per oz discovery costs in West Africa

(in frontier terrain)

•Infrastructure and studies delivered on time

and within budget in Liberia

Current strategy

• Maximise shareholder return utilising Yanfolila

as a near-term, low-cost cash generator to support

the development of Dugbe 1 as a long-mine life asset:

•Optimise Yanfolila project size and capex

•Production at Yanfolila by end of 2015

•Completion of Dugbe 1 Detailed Feasibility Study

Executive & operating team

•Ian Cockerill – NED Chairman (HUM)

•Mark Calderwood – Technical Advisory Committee (HUM)

•Dan Betts – CEO (HUM)

•Graham Hill – Project Management (HUM)

•HUM will actively look to augment the board

as we move into new development phase

•Key GF personnel to join team

Repositioning Amongst Peer Group

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Dugbe resourceat AIM

Admission(Dec 2010)

Resourceincrease at

Dugbe(Sep 2011)

Maidenresource at

Tuzon(Feb 2012)

Updatedresource at

Tuzon(Nov 2013)

Tuzon resourceincrease

(Mar 2014)

Yanfolilaacquisition(May 2014)

Hummingbird -Repositioned

0.80.9

2.1 (0.5)0.9

1.8

6.0

0

2000

4000

6000

8000

10000

12000

Sou

rce:

Com

pany

ana

lysi

s S

ourc

e :

Intie

rra

and

com

pany

web

site

s

5

Hummingbird Resource Growth

*

* Change of independent resource consultant

To

tal H

um

min

gb

ird

Res

ou

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s (

Gro

ss

)T

ota

l a

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Mining industry in Mali & Liberia – proven jurisdictions

Mali

•Mining contributes to 7.6% of economic growth

•Africa’s 3rd largest gold producer

•Recent elections concluded smoothly - widely praised for

transparency

•4% Govt. royalty and 30% basic tax rate

•No restrictions on foreign investment or capital flows in and out of

Mali

•Pro-mining government

Liberia

•Mining contributes to 10% of economic growth

•US$19bn in committed investment over next 6 years

•Favourable fiscal regime – expected 3% royalty

and 25% basic tax rate

•A pro-mining government, democratically

re-elected in November 2011

•Liberia remains stable since political stability

was restored in 2003

6

Liberia

Mali

Yanfolila Project

7

Yanfolila – Site map and oxide resources

• Multiple high grade oxide pits

pre optimisation incl.;

• Komana East 122,307 ozs @ 3.72 g/t

• Komana West 102,891 ozs @ 3.15 g/t

• Sanoumale West 118,530 ozs @ 2.5 g/t

• Guiren West 58,850 ozs @ 2.01 g/t

• All pits in easy trucking distance of plant

• Natural topography for tailings

• Abundant water availability

• Good camp and infrastructure

8

Yanfolila – Phase 1 production

Overview

•Fully permitted for 30 years

•Approx US$100 invested on project to date

• US$30m on feasibility studies

• US$65m tax credit against profit

•Robust project with limited technical risk

• Shallow free digging, open pits (60 – 80m)

• Excellent Metallurgy – 95% + recoveries,

50+% gravity recoverable and 12 hour leach cycle

• Infrastructure in place – well conditioned roads,

flat topography, plentiful water supply

• Simple flexible mine plan

• Low power requirements (4MW) –

soft oxide material no crushing circuit

Yanfolila Project - Oxide only Base case

Gold Price (US$) $1,250

Initial production 81,000 ozs1

Initial mine life 6 years

Capex (US$) $52m

Life of Mine Capex (US$) $71m

Average Recovery 95.5%

Annual Processing 850 ktpa

Payback (after tax) < 2 yrs

Direct C1 cash operating costs (US$/oz) $503

All in sustaining costs (US$/oz) $700

After tax NPV (8%) (HUM Share) (US$) $65.5

After tax IRR 53%

* Based on existing GF defined oxide resources with initial internal HUM estimates based on re-scoped project from GF studies

Source : Company estimates

155,000oz p.a. LOM average 2GF internal estimates 3To date grade has increased from Inferred to Indicated

Resilient project - Gold price sensitivities

Gold Price (US$) IRR (post tax)

1,000 34%

1,250 53%

1,500 69%

Source : Company estimates

Resources2

Category Tonnes (t) Grade (g/t)3 Gold (oz)

Measured - -

Indicated 8,188,100 3.3 870,400

Inferred 11,910,000 2.5 947,000

Total 20,098,100 2.8 1,817,000

Source: GoldFields

Base case: Low cost, low technical risk, quick to production

9

Yanfolila – Core Asset

Resource –

20.1 Mt @ 2.8 g/t

for 1.8moz•Phase 1

•6 year initial LOM

•55koz Au p.a. average production

•US$503/oz cash cost

•US$52m Capex

Investment

•Approx US$100m expenditure spent to date;

includes US$65m tax credit provision

History

•BHP (1992 to 1996) defines anomaly

•Randgold (1996 to 1999) 5,000m drilling

•Glencar (2004 to 2009) 140,000m drilling

•Gold Fields (2009 to 2013) 275,000m drilling

Mali

Government

(10%)1

Hummingbird

Resources PLC

(85%)

Africa

Resources

(5%)

Glencar Mali

Yanfolila

Project

Asheba Project

• Potential spin-out project

• Ghana 175k ozs @1.8g/t

• 24km2 exploration licence

• 30km from Tarkwa mine

Ghana

Oxide Upside

Advanced drilling targets

•Current est. exploration

upside 450k ozs including;

•Sanoumale East est. 350k

ozs @ 2g/t

•Soloba

•Kama

•Bodogo Malikila

•7 deposits currently drilled to

80x80m or better targeted for

additional ozs

Yanfolila – Robust project with clear upside

Oxide Upside Exploration Upside

1Additional 10% option, note all HUM models based on 75% interest

Kangare Project

• Potential satellite deposit

for Yanfolila

• 1 deposit and

five target areas

• 16,056m drilling inc. 24m

@ 3.29g/t from 16m depth

Kabaya South

• 1km of 7km strike tested

• 95,000 ozs Resource

at 1.3g/t

• Significant Resource growth

potential of +500,000ozs

• Potential Heap Leach

operation

10

329

82

64

58

48

41

36

0

50

100

150

200

250

300

350

1 2 3 4 5 6 Total

82

146

204

252

293

Optimise flow sheet and plant

designConstruction

Production starts

Cumulative production projection – Phase 1 Capex breakdown

Phase 1:

329,000oz produced over 6 year LOM

Upside from phase 1 base case

•Targeting a 10+ year LOM through

further identified 300k – 500k ozs in oxide resource

•Enhanced definition of high grade zones

for potential increase to head grade

•Potential to establish heap leach operations

and truck concentrate

•Expansion of plant to process fresh rock material

Development Timeline

Q2-Q4 2014 Q1 2015 – Q3 2015 Q4 2015

Yanfolila – Phase 1 production

Source: Company estimates Source: Company estimates

oz

11

US$m

7

6

19

5

10

4.7

Geology and infrastructure Mining and plant Environmental and legal

Resources Estimation Mining Scenarios Custom & Fiscal Regime

Metallurgical Tests Tailing Dam Legal Framework

Geotechnical Waste Rock Characterisation Environment

Pit Optimisation Infrastructure Layout Benchmarking

Hydrology & Hydraulics Flow Sheet Social & Community

Water Supply Plant Design Artisanal Workings

Power Supply Costing (Capex & Opex) Financial Modelling

O

P

T

I

M

I

S

E

Solid base for opportunity to right size capex

Yanfolila – well advanced & ready for optimisation

12

13

Dugbe 1 Project

Liberia

Asset Overview

• 40 miles by road from Greenville port in Liberia

• Resources total 4.2Moz over 2 deposits

• A 3rd mineralised deposit drilled

• Positive PEA in varying gold price environment

• 20 year mine life (Tuzon: 10 years)

• 140+ targets over shear zone with 40 targets

currently being investigated

Tuzon (US$1,500 pit)1 Tonnes (m) Grade (g/t) Ounces (m)

Inferred 10.2 1.32 0.43

Indicated 41.8 1.51 2.03

Total 52.00 1.47 2.46

Tuzon (US$1,200 pit)1

Inferred 4.9 1.55 0.24

Indicated 37.4 1.56 1.88

Total 35.01 1.56 2.12

Dugbe F2

Inferred 43.00 1.28 1.76

PEA highlights – April 2013

Gold Price (US$/oz) $1,300 $1,500

*Throughput 3.5 Mtpa 3.5 Mtpa

Total cost/oz years 1-5 $749 $759

Total cost/oz LOM $894 $904

Capex (m) $212 $212

NPV (m) (10%, post tax) $186 $337

IRR (%) 29 43

Strip ratio LOM years 1-5 2.4:1 2.4:1

Gold produced/year (oz) 125,000 125,000

Dugbe 1 Project

Source: Company analysis Source: 1 SRK consultancy 2 WAI 2013, ACA Howe 2011 resource was 1.76Moz at 80% Indicated

14

*DFS based on 3mtpa for Tuzon deposit

Combining Dugbe & Yanfolila to create synergies

• Fast track to production and early cash

flows from Yanfolila are likely to lead to

better visibility and re-rating in the capital

markets, leading to enhanced financing

opportunities

• Opportunity to secure debt

financing/gearing

• Clear path to 200k oz

p.a production

Sou

rce:

Com

pany

est

imat

es

Fast track to production and early cash flows are likely to provide capital markets and financing benefits

15

Yanfolila

Completion of acquisition

Optimisation and design

Mine Construction

Production Commences

Dugbe 1

Legal and Permitting

Dugbe F Infill

Phase III Drilling & Trenching

Options Study

Detailed Feasibility Study

Mine Contruction and Financing

Production Commences

2014 2015 2016

Corporate

16

Investment summary

17

• Start of new strategy to exploit market and build multi asset gold company

• Advanced project; ready to deliver near term production – Yanfolila creates opportunities to optimise

development of Dugbe

• Yanfolila scalability – Multiple shallow oxide pits allow low-capex phased production, significant fresh rock

and heap lead potential

• Mineral resources – Well understood regional geology with good grade & recoveries

6Moz gold in total

• Infrastructure – Both projects have good access, water available

and multiple options for power

• Exploration upside – 5,000km2 with LOM extension opportunity at Yanfolila

• Management team with proven ability to deliver

Hummingbird contacts

Liberia:

Hummingbird Resources (Liberia) Inc.

Hummingbird House, Sophie Area,

Congo Town, Monrovia, Liberia

18

Strand Partners

Neil Passmore / Andrew Chubb

+44 (0) 207 907 8500

FTI Consulting

Ben Brewerton / Oliver Winters / Sara Powell

+44 (0) 207 831 3113

[email protected]

Cantor Fitzgerald Europe

Stewart Dickson / Jeremy Stephenson / Carrie Lun

+44 (0) 207 894 7000

Other contacts:

Email: [email protected]

Website: www.hummingbirdresources.co.uk

Key contacts

Dan Betts Chief Executive Officer

Tom Hill Finance Director

Bert Monro Head of Business Development

Office addresses

London:

Hummingbird Resources PLC

22 Mount Row, London W1K 3SF, UK

Switchboard:

+44 (0) 20 3416 3560

19

Appendix

Hummingbird – Corporate overview

Share price performance graph

May 2013 – May 2014

Significant Shareholder

Management 14.3%

Dundee Corporation 14.1%

Mark Hillery 10.2%

Sprott Inc 8.9%

Capital Research 8.6%

IFC 5.4%

Resource Capital Funds 4.5%

Capitalisation Overview

Market Capitalisation (8 May 14) £30.3m

Closing Price (7 May 14) 51p

52 Week Low (08 July 2013) 18p

52 Week High (17 March 2014) 65.9p

Shares Basic 59.5m

Shares Fully Diluted 66.5m

Funding (30 April 2014) US$9m

Debt None

Source: Company website & FactSet

Source: Company website & FactSetSource: Company website & FactSet

20

Ian Cockerill

Non-Executive Chairman Ex-CEO of Gold Fields Ltd, Anglo Coal Ltd and Ex-Executive

Officer Business Development and African Operations at AngloGold Ltd

Non-Executive Chairman of Petmin Limited

Senior Lead Non-Executive Director of Ivanplants Ltd and

Vice-Chairman of African Minerals Ltd

Over 30 years in exploration and mining

David Pelham

Non-Executive Director

Minerals Geologist with 30 years

Blue-chip clients including Cluff Gold plc,

Outokumpu

& AMAX Exploration

Credited with discovery of 800Mt Coal

deposit in Venezuela & 5-6Moz Chirano gold

mine in Ghana now owned by Kinross

Daniel Betts

Managing Director

Co-Founded Hummingbird in November

2005

Formerly Management Consultant with

Accenture in 2000

10 years experience in precious metals

industry with dealings in developing countries

such as Uganda, Sierra Leone, Peru &

Mauritania

William Cook

Operations Director Formerly an officer in the British army

including duty in West Africa

Many years experience in security,

operations and logistics

Responsible for establishing operations in

Liberia, as well as more recently for the

general oversight of the DFS and ESIA

Matthew Idiens

Non-Executive Director

Co-Founded Hummingbird in November

2005.

CEO and founder of AIM quoted Rose

Petroleum plc and founder of several natural

resources companies, including Seamwell

International (UCG in China)

21 years experience in the resource sector

Thomas Hill

Finance Director

Former senior manager within BDO LLP’s

natural resources department

Metallurgy, economics & management

degree from Trinity College, Oxford

10 years experience in the resource sector

Stephens Betts

Non-Executive Director

Co-Founded Hummingbird in November 2005

40 years experience in trading with gold

related businesses in developing countries

Chairman of Stephen Betts group – family

business with a 250 year history of gold

smelting, refining and bullion dealings

Hummingbird – Experienced board

21

Credited with discovery of 5-6Moz Chirano

Director at Hummingbird Resources for over

5 years

gold mine in Ghana now owned by Kinross

David Pelham Mike Skead

VP Project Evaluation at Dundee Resources

Ex-CEO of Ryan Gold

Former Head of Exploration at Banro Corp

Mark Calderwood

Ex-CEO of Perseus Mining

Successfully led Perseus from discovery to

production at Edikan Gold Mine with

production of over 200,000oz gold a year

Mechanical Engineer with 25 years mining experience

Involved in building of Yatela and Sabiola gold mines

in Mali for Anglo America

And development of Oxus Resources, Jerooy and

Amantatau gold mines in Central Asia

Previously COO of Axmin developing Passendro gold

project in CAR

Graham Hill, Project Manager

Hummingbird – Technical advisory committee

22

Gold Fields Team

Key personnel to join HUM

Yanfolila – Mine Layout

Sou

rce:

Gol

d F

ield

s

23

Yanfolila – Exploration Upside

• 2,300km2 Exploration ground in the deal

• Multiple greenfield and brownfield exploration targets inc;

Yanfolila Upside

Kabaya South

• 1km of 7km strike tested

• 95,000 ozs Resource at 1.3g/t

• Significant Resource growth potential of 500,000ozs

• Potential Heap Leach operation

Further exploration targets with known gold anomalies

• Badogo Malikila

• Sanoumale West

• Gonka

Kangare Project

• Potential satellite deposit for Yanfolila One

known deposit and five target areas

• 16,056m drilling inc. 24m @ 3.29g/t from 16m depth

Asheba Project

• Potential spin-out project

• Ghana 175k ozs @1.8g/t

• 24km2 exploration licence

• 30km from Tarkwa mine

Mali Licence Map

24

Sou

rce:

Gol

d F

ield

s

Ore Description % of Mill Feed SS Recovery (%)Revised

Recovery (%)

Oxide ore 40% 96.0 95.1

Transition ore 10% 94.0 94.4

Fresh ore 50% 95.0 94.0

Weighted Ave. 95.3 94.5

• 24 hour leach time for fresh rock

with only 12 hours required for oxide

• Oxide very soft – low energy no

requirement

for crushing circuit

• Oxide material will only achieve pulp

density of 39% in feed to CIL circuit

with pre-leach thickener

(addition since Scoping Study)

• Viscosity of saprolite at this density

is not problematic

• Gravity recoverable gold = 50-70%.

Gravity circuit design to take 50%,

but recovery model assumes only 30%

• Cyanide detox –

Include tails wash thickener

Recovery (adjusted to 2.49g/t head grade)

Source: Gold Fields

Yanfolila Project – Metallurgical recovery

25

Yanfolila Infrastructure

Road Access

•Route trade-off study concluded

•Final route identified

Water Supply

•Plentiful water available

•Investigated hydraulic conductivity between Sankarani River

and KW pit 72 hour pump tests – None found

•Compiled site wide water balance (GoldSIM)

•Groundwater model generated

•Raw water supply and storage needs determined

•Generated surface water management plan

26

Inventory with deal

•US$750,000 of;

• Vehicles

• Camp infrastructure

• Other equipment

27

Hummingbird Institutional Support

GF have initiated a large number of community projects incl:

• Women market gardens in Kona, Soloba,

Sanoumale and Kabaya

• Training center for communities

• Building schools

• Helping communities with clean water sources

Yanfolila – CSR

Brick MakingWorking in the garden

Construction of the

Training Centre

28