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
-
Canadian Miner Desert Gold Launches Drilling Campaign in Mali Amid Strong Gold Prices
07:28
-
Egypt’s Suez Canal Zone signs $8 mln Turkish textile plant deal
07:10
-
Benin: A Decade of Infrastructure-Driven Transformation
06:58
-
Cameroon ‘B’ Rating Affirmed by Fitch; New Vice-Presidential Role Seen as Stabilizing
06:35
-
Cameroon’s SNH Tightens Oil Contracts as Market Volatility Reshapes Pricing
04:25
-
Cameroon Plans 28 km Bypass to Ease Congestion on Key Douala-Bangui Corridor
03:59
-
Cameroon Opens Public Review of Environmental Impact for Edéa Quarry Project
20:13
-
CEMAC Looks to Its Own Markets to Fund Infrastructure and Reduce Reliance on Foreign Capital
19:23
-
RAINE project enters operational phase with “Mawuse” tunneling machine
19:19
-
National AI Program Positions Algeria for Digital Growth
16:43
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
As the Japanese automaker faces global headwinds, it is doubling down on its operations in Egypt, ai...
Over the past decade, Benin has undergone a deep transformation of its infrastructure. Driven by substantial investment, the country has modernized its...
Fitch affirms Cameroon at “B”, outlook negative Growth steady, debt contained; governance and political risks persist New vice-presidential role seen...
AFC plans 2026 fundraising for Zambia Lobito railway section Financial close targeted 2027; delays could threaten 2030 deadline Viability concerns...
UBA's Nigerian home market posted a 1.7 billion naira ($1.1m) pre-tax loss in 2025, against a 364 billion naira profit a year earlier A 117 billion...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...