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
-
Mauritania Moves to Digitize National Exams to Improve Transparency
04:19
-
World Bank Considers Financing Uganda’s Long-Delayed Standard Gauge Railway
04:16
-
Mali's New Fuel Stockpile: 45 Days of Buffer Against a Longer Crisis
04:12
-
EBID Charts Green Shift to Finance West Africa’s Growth
04:04
-
IMF appoints Mauritania’s Zeidane to head Africa Department
18:56
-
BCEAO sets June 30 deadline for operators to join instant payment platform
18:52
-
Cameroon higher education group plans microfinance bank for student startups
18:34
-
Internet Freedom in Africa Remains Uneven in 2026 Despite Rising Access
18:30
-
Cameroon Delivers Tractors to Agropoles to Scale Production and Agro-Processing
18:28
-
Togo receives CFA1.6B Chinese rice donation to support food security
15:01
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
ECOWAS and IMF sign cooperation framework to strengthen policy alignment West Africa’s grow...
West African Development Bank plans CFA6,500 billion ($11.5 billion) in financing for 2026–2030. ...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
West African Development Bank allocates $131.8 million to support cotton sectors in Burkina F...
Project targets reduced errors, better traceability and fairness Initiative part of broader government digital transformation efforts Mauritania is...
Uganda seeks World Bank support for $3 billion railway project Funding aims to revive delayed Kampala–Malaba standard gauge line Project...
Since September 2025, Mali has been facing an unprecedented fuel supply crisis, triggered by a blockade of fuel tanker convoys imposed by the jihadist...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projects by 2030. In a West Africa facing rapid demographic...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...