(Ecofin Agency) - Newcrest Mining and Randgold Resources, respectively 22nd and 29th largest mining firms worldwide, signed a memorandum of understanding to create a joint venture to explore, develop and exploit mineral resources in their common area of interest which is located in the South Eastern part of Cote d'Ivoire. Data reveals that this area covers the extension of prolific Ghanaian gold belts and associated geological structures.

According to the JV agreement, Randgold is to manage the exploration program and any mine mine discovered. Moreover, a technical committee of senior geologists from both firms will work with Randgold's exploration team in the framework of the programme which is to be supervised by a joint board of directors.

“This joint venture will bring together two of the world's leading gold mining explorers in a concerted egg fort to unlock the potential of an area that has not yet been explored in depth. The bigger the footprint, the greater the opportunity, and both Newcrest and Randgold believe in Côte d’Ivoire and the potential for the discovery of truly world-class gold deposits,” said CEO of Randgold, Mark Bristol.

Newcrest Mining holds in Ivory Coast the Bonito project, through an 89.9% stake in LGL Mines CI SA, while Randgold Resources holds 89% of the Tongan project.

Louis-Nino Kansoun