- Business
- AXMIN Inc. is a Canadian gold exploration and development company focused on mineral properties in Central and West Africa; it engages in the exploration and advancement of gold assets including the Passendro Gold Project located in the Central African Republic and the Sabodala-Soundkounkou area in Senegal where it holds a 1.5% net smelter royalty on designated target areas and retains 20% interests in remaining zones through a joint venture originally with Teranga Gold Corporation. The company, founded in 2001 and headquartered in Vancouver, British Columbia, operates primarily through wholly-owned subsidiaries targeting gold deposits amid challenging regional conditions such as the civil unrest in the Central African Republic that has suspended on-site activities since 2012 while maintaining administrative presence in Bangui. Recent developments include the unlawful revocation of its Passendro mining license by the Central African Republic government in 2023, awarded to another entity, prompting AXMIN to pursue international arbitration for full compensation of the project's net value; the company commenced a formal process in 2023 to select strategic partners leveraging improving conditions in the region, announced a non-brokered private placement of up to 80 million common shares at C$0.05 in 2023 to bolster working capital, implemented cost-minimization measures and a performance share unit plan in 2024 amid delayed financial filings, and underwent board and management updates including the resignation of its CFO.