JOHANNESBURG (miningweekly.com) – ASX-listed Viking Mines sold its Akoase gold project in Ghana for $10-million, it said on Monday.
The purchaser was the Chinese party that controlled Akroma Gold, the owner of the Sian gold project, located 12 km from Akoase.
The sale included an option fee of $90 000, $200 000 paid in cash by June,
$1.71-million paid in cash on or before July 24 and $6-million to be paid in cash within five days after all conditions precedent have been satisfied.
The principal conditions related to Viking obtaining the requisite Ghana Minerals Commission and government approvals and the purchaser’s final due diligence before November 21.
Two-million dollars would also be paid in cash as a gold production royalty.
The sale followed a selective tender process, conducted over several months, by Viking’s corporate adviser Emerald Partners to secure an appropriate purchaser of the 790 000 oz project.
The acquisition of Akoase would consolidate the ownership of the Sian and Akoase gold resources providing critical mass for the ultimate development of a producing mine.