(Ecofin Agency) – In October 2024, Australian mining juniors Mako Gold and Aurum Resources signed a merger agreement. Aurum Resources is in the process of acquiring its compatriot, and will now control key gold projects in Ivory Coast.
The merger launched a few months ago between Australian mining juniors Aurum Resources and Mako Gold is on the verge of completion, according to a press release published on Friday January 10 by the two companies. Enough to mark the birth of a new key player in the mining landscape of Côte d’Ivoire.
In the Eburnean nation, Aurum has already acquired more than 86% of Mako’s shares. The press release states that the share buyback offer is now final, and that shareholders who have not yet accepted it have until Friday January 31, 2025 to do so. The operation will give Aurum control of the Napié and Korhogo projects. Napié is home to at least 868,000 ounces of gold, and a significant manganese discovery has already taken place on the Korhogo project. The recently discovered 45-ton deposit at Boundiali is also at stake.
This transaction will provide the two mining juniors with greater financial resources to invest in exploration. The company created should therefore initially have 20 million Australian dollars (approximately 12.3 million USD) in cash to develop the projects mentioned above.
For Ivory Coast, the emergence of a larger player in the gold sector increases the possibilities of developing gold mines in the country, while the government wants to double production in the next 5 years. According to the authorities, the country produced 51 tonnes of gold in 2023.
Emiliano Tossou
Edited by: Feriol Bewa
Also read:
10/16/2024 – $60 million merger for two companies active in gold in Ivory Coast
Related News :