- Write by:
-
Tuesday, March 3, 2020 - 11:26:12 AM
-
631 Visit
-
Print
Mining News Pro - Canadian junior AJN Resources has dropped plans to acquire 10% of the Kibali gold mine in the Democratic Republic of Congo from state-owned Société Minière de Kilo-Moto (SOKIMO), after facing stern opposition from Barrick Gold, the mine’s operator.
According to Mining News Pro - The world’s second-largest gold miner and AngloGold Ashanti, which each own 45% of Kibali, said SOKIMO had not consulted nor informed them about the transaction even though it is contractually bound to do so.
Last week, Barrick sent AJN a cease-and-desist notice to block the planned purchase of the interest in Congo’s biggest gold mine.
“As a result of its due diligence and further information received, it will not proceed with its proposed acquisition,” AJN said in a release late on Sunday.
The explorer noted it was continuing due diligence on other projects it plans to acquire from SOKIMO, namely 30% stakes in Zani-Kodo, Nizi, and Kibali South, and 35% stakes in Giro Goldfields and Wanga (Tendao).
Already one of the world’s most highly automated underground gold mines, Kibali continues its technological advance with the introduction of truck and drill training simulators and the integration of systems for staff safety tracking and ventilation demand control.
The simulators, Barrick said in January, will also be used to train operators at the company’s Tanzania mines.
Short Link:
https://www.miningnews.ir/En/News/496468
Democratic Republic of Congo and Chinese investors on Thursday signed an agreement reached in January that revises some ...
Canadian miner Barrick Gold Corp said on Tuesday its full-year preliminary production of gold fell from a year earlier, ...
Mining News Pro - The chief executive of Barrick Gold Corp on Thursday expressed desire to grow the company’s copper ...
Mining News Pro - Egyptian billionaire Naguib Sawiris, the northern African country’s second-wealthiest person, is said ...
Mining News Pro - Barrick Gold Corp. won’t be pressured into making any major acquisitions even as its rivals pursue a ...
Mining News Pro - Barrick Gold Corp beat analysts’ expectations for second-quarter profit on Tuesday, as the Canadian ...
Mining News Pro - Eurasian Resources Group’s Boss Mining copper and cobalt project has been halted by the Democratic ...
Mining News Pro - The Democratic Republic of Congo aims to boost its stake in a cobalt and copper joint venture with ...
Mining News Pro - Democratic Republic of Congo President Felix Tshisekedi will visit China next week as the two nations ...
No comments have been posted yet ...