Burkina Faso : Ownership of Inata mine changes
Tuesday, 19 December 2017 14:06
On Monday, Avocet Mining has announced it has signed with the Balaji Group an agreement to sell it all its assets in Burkina Faso, including the Inata gold mine. The firm explained that the sale falls under its restructuring programme resulting from the non-payment of $28.7 million of loans contracted from Manchester Securities Corp.
Under the terms of the agreement, Balaji Group which already holds in Burkina Faso the Kalsaka mine, will pay $2.5 million once the deal is sealed on January 11, 2018. The remaining amount of the purchase, $2.5 million, will be paid in tranches. The Ghana-based group said it would invest $26 million to bring back the Inata mine to full production and develop the Souma deposit.
The Inata mine has produced in 2015, 74,755 ounces of gold. Besides Burkina Faso, Avocet Mining is also active in Guinea where it holds the Tri-K mine, a project with a mineral resource of 3 million ounces.
Louis-Nino Kansoun
Live News
-
DRC Moves to Enforce Import Insurance With $60 Million in Potential Premiums
17:28
-
Canyon Resources Shareholders Block Afriland Stake in Minim Martap Bauxite Project
17:19
-
Ghana Forced to Export Crude as Tema Refinery Cannot Process Jubilee Oil
17:04
-
DRC Moves to Formalize Fast-Growing, Largely Informal Gambling Sector
16:52
-
Africa CDC, ECDC Join Forces on Continent-to-Continent Health Security
16:22
-
Togo’s Microfinance Sector Reaches 4.7 Million Beneficiaries Amid Regulatory Reform
14:44
-
Nigeria: Lagos to host IoT, AI and cloud industry event in April
14:40
-
Adlore pilots Jollof Boss WhatsApp platform for small businesses in Nigeria
14:35
-
South African AI Startup Yazi Hits $1.6 Million Valuation in First Institutional Round
14:28
-
Kenya Automates Road Enforcement With AI Cameras and SMS Penalties
14:09
Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...
The BCEAO cut its main policy rate by 25 basis points to 3.00%, effective March 16. Inflation...
EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...
Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...
MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...
DR Congo insurance regulator, SEGUCE sign deal to enforce import coverage Agreement integrates insurance certificates into digital trade documentation...
DRC orders gambling operators to obtain licenses by March 31 Sector generated over $1.6 billion but contributes little tax Government preparing...
Africa CDC and ECDC will collaborate on disease surveillance, antimicrobial resistance, and vaccine-preventable diseases. The agreement builds on a...
Telecom companies in the Democratic Republic of Congo (DRC) must open 25% of their capital to local investors by July 2027. The measure retroactively...
Paris exhibition showcases Brazilian painter Gonçalo Ivo’s Africa-inspired works Show runs March 20-July 9 at La Maison Gacha Exhibition...
Located about forty kilometers east of Lomé along the Gulf of Guinea, Aného is one of the most historically significant towns in Togo. Nestled between a...