Project Description

Digitization of gold reserves

Tokenized Project Gold

History of Tandem Liber Holdings

In 2008, an alliance of Dutch and American entrepreneurs took a decisive step into Africa. Although they had successfully established a rough diamond trading company in Antwerp, they decided to relocate their business activities close to the traded raw materials. Instead of continuing to sell finished diamonds, they began to mine them in Sierra Leone.

The change was based on the realization that there is also exceptional potential in the development of mining areas, with the final step being to convert the licenses into potentially valuable mining concessions.  After 12 years of intensive research and subsequent due diligence, valuation and a cumulative initial investment of over USD 23 million, TLH is now entering the final phase of implementation. The realization of the currently inferred and reviewed resources into a proven asset that meets the standards of the Joint Ore Reserve Committee or a NI43-101.

Over the past 12 years, 11 prospecting licenses have been acquired covering over 1,600 square kilometres. All licenses involved extensive prospecting, which 2 years ago led to the decision to integrate four of the most valuable areas into the current business.

The prospecting itself has been so extensive that these licenses are currently being upgraded to a full JORC (Joint Ore Reserve Committee or NI43-101 resource) compliant resource evaluation within a maximum of 24 months. There are four extremely valuable licenses that contain billions of dollars in resource value.

To complete the final phase, approximately $25 million will be invested to complete the JORC process. The estimated value of TLH, once the JORC process is completed, will be between $75 and $125 billion.

The four licenses mentioned above, which are owned by Tandem Liber Holding and Gold & Natural Resources, a wholly owned subsidiary, are further described in the current annual reports as Area 1, Area 2, Area 9 and Area 10. The licenses cover a total area of approximately 385 square kilometers.

Despite the Ebola crisis, from 2014 to 2016,

Tandem Liber Holdings has maintained a continuous presence in the country to maintain important socio-political relationships and, consequently, to continue to conduct important strategic exploration directly from its local offices and subsidiaries as well as to maintain normal business operations.

This strategy has put Tandem Liber Holdings in a very favorable position vis-à-vis the Ministry of Mines and Minerals and relevant government agencies.  Tandem Liber’s relationships with the local Chief Doms are excellent.

Tandem Liber Holdings’ stated goal is to bring at least two licenses into production and to expand the exploration of all other licenses to a solid JORC standard.

Upon completion of the project, Tandem Liber will be one of the largest and most profitable mining companies in Sierra Leone.

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The land value of Tandem Liber Holdings is based on the results of SRK Consulting described in the last section, field work, the real-life assessment of international geologists experienced in mining, as well as evaluations by a renowned auditing company.

The current asset value of Tandem Liber Holdings for coltan and gold in Area 1 alone is estimated at approximately USD 9.3 billion.

SRK Consulting and GeoBox reports contain information and indications on the number of drill targets and primary sources in the areas mentioned, not only “as recommended” but also “as strong and/or highly recommended”.  The identification of the individual targets is provided by a leading global company for Aero Magnetic and VTEM 3D scanning.

Each cubic metre was calculated at a weight of only 1,460 kg and not using the 2,200 kg of contract gravel, in order to take full account of large stones, soil and other foreign materials.

The raw material content used in the calculation is conservatively calculated at 1.76 g gold and 3 kg coltan per cubic metre of contract gravel. Past exploration has shown that these values are highly conservative. We have used an average market price of USD 1,500 per troy ounce of gold and USD 45 per kg for the expected 20% coltan content in the calculation.

The licence area covers at least 80 square kilometres. Approximately 50% of the indicated areas in this territory are heavily mineralized, resulting in a forecast of at least 4,000 ha for gold and coltan mining (2,000 ha for gold and 2,000 ha for coltan).

Tandem Liber Holdings’ total production is based solely on alluvial gold and coltan, with gold being the favored mineral in Area 1.

The overall assessment is based on gold and coltan only, but there are other valuable minerals that can be extracted in this process at little or no additional cost.

An evaluation of the existing railway and loading depot in Area 1, which is part of the licence, has not yet been undertaken. The evaluation of previous infrastructure and other investments has also not been considered.

*An average excavation depth of 1.5 metres has been used in the calculation, although the excavation depth in live operation will be more than 1.5 metres.

Preliminary calculation for gold in Area 1:

  • 1ha=10,000m2
  • 10,000m2 x 1.5 m = 15,000 m3 of contract gravel
  • 15,000 m3 x 1,460 kg/m3 = 21,900,000 kg = 21,900 metric tons of gravel
  • 21,900 tonnes x 1.76 g/t = 38,544 g = 1,239 troy ounces of gold – 1,239 troy ounces x 1,500 USD = 1,858,500 USD per ha
  • 2,000 ha = USD 3.72 billion

Preliminary calculation for coltan in Area 1:

  • 1 ha = 10,000 m²
  • 10,000 m2 x 1.5 m = 15,000 m3 Wage gravel
  • 15,000 m3 × 1,460 kg / m3 = 21,900,000 kg = 21,900 tonnes of gravel
  • 21,900 tons x 3 kg / ton = 65,700 kg coltan
  • 65,700 kg x 45 USD = 2,956,500 USD per ha – 2,000 ha = 5.91 billion USD

The common formula thus gives a total extraction value of USD 9,63 billion and a current land price of USD 963 million.

TLH’s shareholders have a legitimate claim to develop this project into a sustainable and valuable resource project where stable and increasing goodwill is achieved by utilizing the existing resources and establishing a resource finally confirmed by JORC.

In order to ensure the continuity of TLH and the JORC process, it was simultaneously decided to establish a small-scale production on one of the exceptional resource reserves in Area 1.

The multitude of exit scenarios for TLH has not yet been finally defined. In addition to the obvious sales opportunities for large mining companies such as Glencore, BHP Billiton or Rio Tinto, several financial institutions from Europe and Asia, among others, who are looking for stable assets as a basis and licenses for their financial structures, are also strongly interested in the company. A final listing on a traditional security exchange has also been considered as an option for a future exit scenario in order to secure long-term profits for existing shareholders.

After thorough and productive negotiations with UBS, we have therefore concluded that the possibility of a digital asset combined with the decentralized financial possibilities of block chain technology is the most modern and innovative way forward.  The most important aspects are also the future global shifts in geopolitical movements and changes in the international monetary regimes. We want to continue to ensure that our investors and shareholders have the opportunity to move their assets freely and efficiently 24/7. The technological development in the field of block chaining and especially in the field of tokenisation is thus the only logical step in the right direction for TLH.

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This is not a financial advice, according to the Securities Trading Act.
The views, observations and experiences on economic and financial topics do not constitute investment
advice and are for information purposes only.

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