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Nyota Minerals Ltd, one of the few foreign based gold mining companies in Ethiopia, has transferred its 75pct share of the Tulu Kapi gold project to KEFI Minerals PLC.
The company wanted to complete additional work at Tulu Kapi and refine the definitive feasibility study before developing the project in 2015.
They had been assessing the development partner for the past several months.
According to the company statement, Nyota has sold three fourths of the total stake in Tulu Kapi to the other mining firm.
KEFI said it would pay one million pounds in cash and 116.7 million pounds in new shares. It has raised 4.5 million pounds by issuing 225 million new shares at two pence each to fund the acquisition, pay for work at the Tulu Kapi gold project, as well as for work on its own Jibal Qutman project in Saudi Arabia.
Nyota said the sale was in line with its strategy of finding a development partner for Tulu Kapi. It will retain a participating 25pct interest in the project and nearby exploration licenses, as well as a 100pct interest in its Northern Block exploration properties. It said the new development plan has a target of producing 85,000 ounces of gold a year at Tulu Kapi.
“Nyota has full participation rights and its CEO, Richard Chase, will remain on the board of the Subsidiary to represent Nyota,” it said.
In June of this year, Nyota disclosed that it had discovered a new gold target on its 100pct-owned Northern Block exploration license in western Ethiopia.
The company has revealed that the Boke-West gold soil anomaly extends for two kilometers and is 500 meters wide.
Currently, big foreign-based companies are assessing the gold deposits in various parts of the country and most of them have said they have been successful