Newcrest sells Cote d’Ivoire project to Canada’s Roxgold in $30 million-deal
Australia’s largest gold producer, Newcrest Mining (ASX: NCM) is selling its Séguéla gold project and its portfolio of 11 exploration tenements in Côte d’Ivoire to Canada’s Roxgold (TSX: ROXG) in a deal valued at $30 million.
The Toronto-based miner will pay $20 million upfront, followed by a $10 million deferred payment due if and when Séguéla reaches production.
Roxgold said it believed the project has near-term development potential due to its Antenna deposit, which hosts an inferred resource of 5.8 million tonnes at an average of 2.3 grams per tonne of gold, in addition to other satellite opportunities.
Once the acquisition is finalized, Séguéla will become Roxgold’s second major project after the Yaramoko gold mine in Burkina Faso, also in West Africa.
“Rarely does such a large and carefully assembled land package become available from one of the world’s leading gold producers and Séguéla is expected to materially increase Roxgold’s overall resource inventory, particularly after we bring the deposit up to National Instrument 43-101 standards later this year,” the company’s president and chief executive officer John Dorward said in a statement.
Newcrest will keep a presence in Côte d’Ivoire post-sale through its 50% exploration joint venture in the south-east of the country with Barrick Gold, set in 2016.
The transaction is subject to approval from Côte d’Ivoire’s Minister of Mines Jean Claude Kouassi, as well as the renewal of Séguéla’s exploration permit, and is expected to take place in the second quarter of this year.
source: MINING.COM
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
