(Ecofin Agency) - Australian junior miners Mako Gold and Aurum Resources signed a merger agreement in October 2024, with Aurum set to take over Mako and manage important gold projects in Côte d'Ivoire.

Initiated a few months ago, the merger between Australian junior miners Aurum Resources and Mako Gold approaches its final stages. Both firms said so in a January 10 press release. Côte d’Ivoire’s mining sector could thus welcome a new major player very soon.

Aurum has already secured over 86% of Mako's shares. The press release indicates that the share buyback offer is final, and shareholders who have not yet accepted it must do so by January 31, 2025. This acquisition will give Aurum control over the Napié and Korhogo projects. The Napié project contains at least 868,000 ounces of gold, while a major manganese discovery has been made at Korhogo.

A recently discovered 45-ton deposit at Boundiali is also part of the deal. The merger will provide both companies with more financial resources for exploration. The new entity is expected to have around A$20 million (approximately US$12.3 million) in cash to develop these projects.

The merger enhances the potential for developing gold mines in Côte d’Ivoire–good news for Ivorian authorities who want to double the country’s output within the next five years.

Côte d’Ivoire produced 51 tonnes of gold in 2023, according to the Ivorian authorities.

Emiliano Tossou