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Mining News

Chaarat Gold, Underground Mining Alliance, Pilgangoora Minerals

Chaarat Gold has signed an agreement to acquire the Kapan polymetallic mine in the Republic of Armenia from Polymetal International for $55m.

Chaarat Gold has agreed to pay the consideration in cash and has an option to issue convertible notes for $5m of the total consideration.

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The transaction is expected to help Chaarat move towards its goal of becoming a leading gold company in Central Asia and the former Soviet Union. It will also help the company transform into a producer.

Chaarat Gold is a Kyrgyz gold development company, while Russia-based Polymetal International is engaged in gold and silver production.

Underground Mining Alliance has secured a $375m mining contract from AngloGold Ashanti for the Obuasi redevelopment project in Ghana.

The scope of the five-year contract includes the delivery of a full suite of underground mining services at Obuasi, while AngloGold will supply major capital equipment as part of the transaction.

Based in South Africa, AngloGold Ashanti is a global gold mining company, while UMA is a joint venture between African Underground Mining Services and Ghana-based mining contractor Rocksure International.

Pilgangoora Minerals has executed a farm‐in agreement with Venus Metals to acquire an interest in the Western Australian lithium tenements of the latter.

Pilgangoora has paid $200,000 in cash for gaining access to several of Venus’ tenements including the Pilgangoora East, Wodgina South and Poona projects, as part of the agreement.

The three-staged earn-in programme involves a $1m expenditure on exploration activities in the first year, following which Pilgangoora will earn a 25% interest in pegmatite minerals rights over the tenements by making a payment of $200,000.

The company can increase its stake to 50% by spending another $1m towards exploration costs and making a cash payment of $350,000, as part of the second stage.

Pilgangoora will have to complete a bankable feasibility within five years of earning its 50% interest in order to increase its interest to 75% under the final stage of the agreement.

Pilgangoora Minerals is a private entity, while Venus Metals holds a significant and wide-ranging portfolio of Australian base and precious metals exploration projects. Both firms are based in Australia.

Graphex Mining has obtained up to $85m in financing from Castlelake, which will be used for taking the Chilalo graphite project in Tanzania through to production.

Graphex will initially receive $5m by issuing secured interim loan notes, which will be available immediately. Castlelake has agreed to provide $40m in equity and up to $40m from the issue of senior secured loan notes, as part of the financing package.

Based in Australia, Graphex Mining is engaged in mineral exploration and development, while Castlelake is a global private investment firm.

Source: mining-technology

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