https://www.miningweekly.com
Africa|Botswana|Exploration|Gold|Mining|PROJECT|Resources
Africa|Botswana|Exploration|Gold|Mining|PROJECT|Resources
africa|botswana|exploration|gold|mining|project|resources

Giyani formally exits gold exploration in South Africa

19th September 2019

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Canadian junior exploration company Giyani Metals has reached an agreement to sell its 45% interest in a privately held South African gold exploration company for R9.56-million, or about C$868 000, the company announced on Thursday.

The sale of its interest in Rock Island Trading 17 to its partner, State-owned Corridor Mining Resources (CMR), signifies the firm’s formal departure from its gold exploration past in South Africa.

The company previously planned to explore gold deposits in the Archean greenstone belt, in Limpopo. Its focus was the Rock Island project, which comprised two prospecting rights across four properties, which contained six previously producing gold mines.

Its focus now is on growing its battery-grade manganese project, in neighbouring Botswana, to serve the growing global electric vehicle market.

Giyani recently published the results of a preliminary economic assessment for the K.Hill manganese project, which determined that it has a value of $285-million.

Giyani will have to invest about $141.3-million in capital expenditure on the project, which is expected to produce about 245 000 t of high-purity electrolytic manganese metal over a nine-year operating life.

“We are extremely pleased to have concluded this sale to our South African partner CMR. Rock Island was a noncore asset that we have had on our books for a very long time and we are very happy to have been able to now monetize its value into cash consideration that will be used for the development of our manganese project in Botswana,” said CEO Robin Birchall.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.1 0.137s - 108pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: