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: DY6 Metals Nears Acquisition of Third Rutile Asset
20:53
-
Cameroon Adds 28.6 MW Solar Capacity in Northern Expansion
20:42
-
Cameroon's Quicky Services Bridges Clients and Providers Via Mobile App
20:31
-
Proparco, local banks invest CFA54.4 bln in Cameroon aluminum plant
17:16
-
Start of crude in 2026 to fuel Uganda’s economy over next five years
16:41
-
Côte d’Ivoire startup Jobo Interim secures backing from Saviu Ventures
16:16
-
Telcar Cocoa CEO Kate Fotso reportedly halts operations, commits to improve value chain
15:57
-
Algérie Télécom Reaches 2.5 Million Fiber Optic Subscribers: A Milestone in the Nation’s Digital Transformation
15:55
-
Struggling Camair-Co Adds Boeing 737-800 in a $77m Fleet Renewal Drive
14:42
-
India's New Ambassador Pledges Economic Partnership Boost With Togo
13:38
From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...
Nigeria’s fintech landscape has undergone a seismic shift in recent years, driven largely by persist...
• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...
Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...
• Benin’s FeexPay and Côte d’Ivoire’s Cinetpay receive BCEAO payment service licenses• Both firms ex...
Saviu Ventures acquires stake in Jobo Interim, deal amount undisclosed This marks the 12th investment under the Saviu II fund for African...
Algérie Télécom reached 2.5 million fiber subscribers on September 14, offering speeds up to 1.5 Gbps. Algeria's FTTH connections grew from 53,000...
Kredete raised $22 million in Series A funding led by AfricInvest, Partech, and Polymorphic Capital to expand globally. The company offers...
Uganda to host Aeonian AI center at Karuma hydropower site starting in 2026 Project includes 10 MW USIO supercomputer built with NVIDIA and...
Surprisingly, only one African song made it onto Rolling Stone's list of the 500 Greatest Songs of All Time. The track is "Essence," a collaboration...
The Umhlanga Festival, also known as the “Reed Dance,” is one of the most iconic cultural events in the Kingdom of Eswatini in Southern Africa. Every...