PERTH (miningweekly.com) – ASX-listed East Africa Resources (EAF) has sold its shares in Marco Mining and Nova Mining to a director of the two Democratic Republic of Congo (DRC) subsidiaries, it said on Friday.

The management buyout of the two subsidiaries formed part of EAF’s strategy to divest of its noncore assets in the DRC, in order to focus on its uranium projects in Tanzania.

“This transaction will allow EAF to complete the consolidation of EAF’s asset portfolio and to now concentrate all the company’s resources on developing our highly prospective uranium assets in Tanzania,” said EAF executive chairperson Louis Coetzee.

The sale agreement was reached between EAF and Geatan David Kakudji, a director of both companies. The parties have signed a binding term sheet and would proceed to close the transaction for a sale consideration of $11 000.

In May, EAF reached an agreement to sell its copper smelting facility in the DRC for $1,5-million, to a private firm in Lubumbashi.

The explorer further held the right of first refusal on eight mineral exploration concessions in the Katanga province, but in June, EAF commissioned an independent geological evaluation on the prospectivity and exploration potential of these tenements, and elected not to exercise its right.

The company now had no further obligation or liabilities, other than ensuring that the licences were returned to the vendors.

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