From market trader to gold mine owner

David (left), with Curtis (centre) and Jake (right) at the mine

David (left), with Curtis (centre) and Jake (right) at the mine


A former North West market trader with a keen eye for a deal is buying a gold mine in Africa.


David Webster, who began his working life at the age of 14 on the family’s household goods stall at Toxteth sand Great Homer Street Markets in Liverpool, honed his business skills in the cut and thrust arena of buying and selling the bare necessities of life.


Using the experience to develop his entrepreneurial skills he created, over a quarter of a century, a £400 million property business.


Now, with the Covid pandemic adding to uncertainty over economic and political stability and driving up the price of gold, he has engaged world leading mineral, exploration and mining consultants – SRK – to advise on the £7.75 million purchase and future operation of a 60 sq. mile working mine in the Siguiri region of Guinea.


Said David: “The double hit of a human and economic crisis means gold is in increasing demand. At the same time, it is a finite resource and production has not really increased in the past four years.”


“For the first time in over a century it is being valued as a currency and represents a truly reliable safety net, which investors are increasingly turning to in order to protect assets.”


But the multi million pound investment is no knee jerk reaction. Anticipating economic turmoil in the future, David has, with his two sons Jake and Curtis, spent many months in West Africa over the past seven years, gaining extensive experience in mining, buying, selling and exporting gold for third parties.


Establishing Lusso Tesoro within the family’s 79th Group operation, they have invested time and money making sure all the right permits, commercial and political backing are in place to be in the best possible position to take advantage of the gold market at a time of increasing demand and limited supply.


“Our policy will be to contract experienced mining experts, backed by locals with huge knowledge of the area and the artesanal mining industry to develop small scale extractions in the most promising areas of the opencast operation,” added company chairman David.


“We have provided all the pump priming funding and purchase deposit ourselves and now we are in a position to offer opportunities to high net worth individuals to be part of this exciting initiative and share in the returns.


“Investments will be administered by Castle Trust and Management Services Limited, based in Gibraltar and I am delighted to have SRK Consulting on board and particularly Chairman and Principal Exploration Geologist, Bill Kellaway, who has agreed to lead the project.”


Lusso Tesoro is part of The 79th Group, which also includes 79th Luxury Living and 79th Homes and operates from headquarters in Southport, with offices in Dubai and Tokyo.


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