Armadale has signed a final formal sale agreement with Arrow Mining and African Royalty for the sale of its Mpokoto gold project in the Democratic Republic of Congo.
Arrow Mining and African Royalty has agreed to pay a 1.5% royalty to Armadale on the gold sales, following the start of production.
Armadale proposes to use the funds from the Mpokoto Project royalty for developing the high-grade Mahenge Liandu graphite project in Tanzania and other investment opportunities.
Based in South Africa, Arrow Mining is a gold mining and exploration company, while Armadale is a UK-based investment company based in the UK that focuses on developing natural resources in Africa.
Valor Resources (VAL) has signed a joint venture (JV) option agreement with Kennecott Exploration Company (KEX) for the Berenguela copper-silver-manganese project in south-eastern Peru.
SSR Mining, which holds a mortgage over the project, has approved the JV option agreement.
A part of the Rio Tinto group, KEX has agreed to spend $2m on exploration (initial expenditure) of the project for the next 12 months. Following the initial expenditure, KEX will hold an option to form a 50:50 JV for the project by paying $3m to VAL.
KEX will be eligible to invest an additional $5m in the project within three years in exchange of an additional 25% in the JV, following the exercise of the JV option.
Valor Resources is an Australian mining company that specialises on the exploration and development of silver and copper projects, while KEX is a US-based exploration company with focus on copper, diamonds, nickel, and coal.
Endeavour Mining has increased its stake in the Ity gold mine from 80% to 85%. The Government of the Ivory Coast owns a 10% stake in the project, while SODEMI, a state-owned mining company, holds the remaining 5% stake.
Endeavour has granted DYD International Holding more than one million common shares, along with a total consideration of $15m, in exchange for the additional 5% interest.
Based in the UK, Endeavour Mining is engaged in gold production, while DYD International Holding is a company based in Ivory Coast and owned by retired football player Didier Drogba.
MC Mining has completed the acquisition of the Lukin and Salaita properties for R70m ($4.8m), which gives surface rights of the Makhado hard coking and thermal coal project.
MC Mining conducted the transaction through its subsidiary Baobab Mining & Exploration.
Based in Australia, MC Mining is a mining services company focused on producing and developing coking and thermal coal assets.