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14/11/2024
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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