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
-
Australian Miner WAF Payments to Burkina Faso More Than Double, Driven by Gold Output and Reforms
07:13
-
Ethiopia Allows Brazilian Livestock Imports to Improve Food Supply and Genetics
07:11
-
Cocoa regains edge over robusta in Cameroon, still far below government targets
05:06
-
Cameroon’s trade deficit widens 23% in 2025 despite import substitution push
05:04
-
Cameroon’s industrial equipment imports hit CFA757.4 bln in 2025, despite 3.7% drop
05:02
-
Cocoa overtook crude oil as Cameroon’s top export in 2025, driven by global price surge
04:59
-
Egypt offshore gas field secures $500M development commitment
04:55
-
Ghana Joins Mozambique in Boycotting Africa Energies Summit in London
04:32
-
Togo medical council lists 940 registered doctors, up from 631 in 2024
04:01
-
Togo business registrations rebound after two years of decline
20:30
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
West African Development Bank allocates $131.8 million to support cotton sectors in Burkina F...
Ethiopia authorizes imports of meat, dairy, and genetic livestock inputs from Brazil Move aims to diversify supply and improve domestic livestock...
Eni discovers 2 Tcf gas at Egypt’s offshore Temsah block Find near existing infrastructure could accelerate development Discovery supports Egypt’s...
Togo, Burkina Faso discuss cooperation on Lomé-Ouagadougou corridor Talks target delays, corruption, congestion, logistics bottlenecks Initiative aims...
Africa expands tech hubs to boost innovation, digital economy growth Nairobi, Lagos, Kigali lead with established innovation ecosystems New hubs in...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...