(Ecofin Agency) - In April 2024, as gold prices surged past $2,400 per ounce and forecasts hinted at further increases to $2,500 or even $2,700 by year-end, Panthera Resources made strategic moves in West Africa.

Panthera Resources raised its stake in the Kalaka gold project, in Mali, from 40% to 80%, as part of a broader restructuring of its regional mining portfolio. This shift involves divesting assets in Nigeria to focus on the Malian project.

Several media reported on May 7 that Panthera agreed with partner DFR Gold to acquire its interests in the joint venture Maniger. In exchange,Panthera transferred its interests in Nigerian project like Paimasa, Dagma, and Dext to DFR Gold. Alongside equity swaps, cash payments were also part of the deal.

"Following a recent reassessment of Kalaka's historical database and the improvement in gold prices, the company has chosen to focus more on Kalaka. We believe that Kalaka is a highly mineralized gold system with potential for a multi-million-ounce gold resource," commented Panthera's CEO, Mark Bolton (pictured), without providing further details on the company's plans regarding exploration at the site.

Situated 260 km southeast of Bamako, Mali, the Kalaka permit was previously held by AngloGold and later transferred to local firm Golden Spear Mining in 2006. Golden Spears till holds 20% of the project.