Asec to Manage GMA's Algerian Gold Mine
Asec Mining will plan and supervise operations of GMA Resources' gold mine in south-west Algeria after Asec acquired a 10% stake in the company.
The $3.1m acquisition will help leverage Egypt-based Asec's relative liquidity and help the company further expand into northern Africa, Asec's media representative Moustafa Shafik said.
"They (GMA) don't have enough money, and they don't have a mining plan, and we are specialised in this," Shafik said.
The 1,425km² mine generated 18,000oz of gold in the first half of 2009, according to Reuters.
Both companies are in talks regarding revenue-sharing agreements and a timetable for development of the gold mine, Shafik said.