VANCOUVER (miningweekly.com) – West African gold producer Perseus Mining has inked a settlement agreement with mining contractor BCM International and its subsidiaries over a dispute between BCM and various members of the Amara Mining group, which Perseus acquired earlier this year.
The dispute with BCM related to outstanding claims made by BCM against Amara in relation to contract mining services provided by BCM at Amara's now closed Kalsaka and Seguenega mines, in Burkina Faso.
Under the terms of the settlement, TSX- and ASX-listed Perseus has agreed to pay BCM $20-million, the first $5-million of which was payable immediately, with the balance to be paid when various seizure orders in Côte d'Ivoire are lifted and relevant court processes withdrawn.
"We are pleased that this legacy issue from the Amara transaction has now been brought to a close and we can get on with implementing our growth strategy to transform Perseus into a midtier gold producer, unimpeded by this legal action. In this respect, we are looking forward to commencing drilling at the Yaouré gold project, in Côte d'Ivoire, later this month and delivering a definitive feasibility study for the Yaouré gold project around the middle of 2017,” Perseus MD Jeff Quartermaine commented.