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
-
Cameroon’s Vice Presidency Reform: A Response to Political Risk Weighing on Sovereign Ratings
20:33
-
Russia, Facing Western Sanctions, Looks to Egypt for Grain and Energy Hub
20:28
-
Flutterwave Secures Banking License in Nigeria, Joining Push by Fintechs Like Revolut, Wise
20:24
-
Djibouti Launches No-Degree Coding School to Tackle Digital Skills Gap
20:05
-
Ghana's 3Farmate Bets on Robotics to Transform African Farming
14:49
-
Togo Exceeds Bond Target as Strong Demand Drives 4x Oversubscription
14:46
-
Dr. Beaugrain Doumongue: “In Africa, Competitive Intelligence Often Stops at Information Gathering”
12:15
-
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
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
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...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
West African Development Bank plans CFA6,500 billion ($11.5 billion) in financing for 2026–2030. ...
Putin proposes Russia-Egypt grain and energy hub to boost trade Egypt seen as strategic hub for redirected Russian exports Project faces uncertainty...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct deposits, improving efficiency and product...
Djibouti launches École 42 digital training network with international partnership Program offers peer-learning, no degrees, focusing on practical tech...
Failing to anticipate market shifts can be costly for African businesses operating in increasingly competitive and volatile environments. Yet many still...
“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...