SINGAPORE / ACCESSWIRE / August 1, 2019 / Singapore-based fintech GoldFinX has released details in a document for press analysis of its first potential deal, thus kick-starting a steady flow of what should be many more similar initiatives in the 2nd half of 2019. This report highlights its commitment to the environmental and social issues that so often get neglected in the artisanal mining industry, usually exacerbated by horrible working conditions and outdated equipment.
According to the information presented through a written document by GoldFinX CEO Philippe Bednarek, the first and, so far, most important step on this entrepreneurial journey will take place in the Ivory Coast (western sub-Saharan Africa, a region that is one of the top gold producers in the world, most notably neighboring country Ghana). The agreement - that has received media coverage by GoodNoon PR among other agencies - is with Aurifex SA, owner of five concessions in the country, 3 of which are producing gold today using sub-standard artisanal processes.
GoldFinX’s financing platform promises to greatly increase the profitability of this sub-segment of the gold mining industry by shaking the foundations of how this sector is usually seen by traditional investors while generating a wave of optimism for these impoverished miners. Furthermore, its biggest benefit should be breaking the endless cycle of pollution and environmental contamination linked to small-scale gold commerce while establishing stability and credibility by implementing a profitable business plan that is protected by the extracted Gold.
This strategy should end up positively impacting the communities surrounding the mines by reviving and protecting their primary source of income. Since the sector is oftentimes unregulated and informal, artisanal and small-scale gold miners are vulnerable to extortion by corrupt police and local businessmen who depress gold prices knowing these workers have no other avenue to sell their production. Blockchain seems to be a technology that can go a long way in addressing many crucial issues confronting this sector, ultimately benefiting the chain of more than 40 million people involved worldwide in the artisanal mining business.
Project details
The agreement between GoldFinX and Aurifex SA allows the latter to maximize resources and production capacity thanks to an injection of capital, while making use of an innovative and proprietary investment platform as well as decades of mining and business experience from the team at GoldFinX.
This symbiotic relationship promises a bright business prognosis for artisanal gold mining in the Ivory Coast, which due to its comparatively small size and its overlooked potential as a whole has been mistakenly relegated to anonymity in favor for large corporations focused on today's saturated reservoirs.
It is expected that this inception towards implementing GoldFinX’s business model will draw the interest of many retail and institutional investors as well as mine owners in other parts of the world, and create a unique ecosystem centered around a highly motivated and newly energized base of individuals seeking financial rewards while avoiding further contamination and destruction of natural resources.
The gold mining perspective
According to an analysis made by Mining Weekly, since the industry will be marked by the scarcity of initiatives and the decrease of revenue for the large operating groups worldwide (AngloGold Ashanti, Barrick Gold, Goldcorp, Newmont Mining and Kinross Gold), 2019 seems to point to an increase in profitability for smaller initiatives, with prices moving above US $ 1200 per ounce.
To this end, the GoldFinX executive team claims to feel enthusiastic because the forecasts stemming from their list of future potential gold mines offers the possibility to change the fortunes of so many individuals in the coming years. They are convinced that the present-day technology they have implemented has them on the cusp of immediately transforming artisanal mining.
About GoldFinX
GoldFinX is a subsidiary of the Atlas Group of Companies, a private equity firm involved in the tech and financial scene since its foundation in 1994. The consortium has extended its presence to cities such as Paris, Lisbon, La Paz, Dubai, and Singapore, among others.
For more information, visit: https://goldfinx.com
SOURCE: GoldFinX