(Ecofin Agency) - Randgold Resources signed a joint-venture agreement with Moku Goldmines AG, which is controlled by Israeli billionaire Dan Gertler through his firm Fleurette Group, to develop the Moku-Beverendi gold project in DR Congo.

The agreement was signed after Randgold made an approach, in February 2015, to acquire the mine. Under the agreement, the company is to get a minimum 51% stake in the projects, by funding and conducting exploration and completing pre-feasibility study.

Randgold’s CEO, Mark Bristow, after expressing his excitement over the new partnership, said that state-owned firm SOKIMO would hold a 20% stake in the project without taking part in its development.

Moku Goldmines holds an exploration permit, not far from the Kibali gold mine also owned by Randgold and which is the largest exploited mine of the mountains that are along DR Congo’s eastern border.

Louis-Nino Kansoun