PERTH (miningweekly.com) – Junior Golden Rim Resources will look for a new buyer for its Burkina Faso assets, after BAOR SARL was unable to secure financing.
Golden Rim had previously struck an agreement with BAOR to divest of the Kouri gold project in a transaction worth A$22.3-million, with the consideration to be paid in four stages over a 12-month period.
After several delays in BAOR securing the necessary financing, Golden Rim on Monday told shareholders that BAOR’s financiers have withdrawn from the sale, and that the company was unable to fulfil its obligations.
Golden Rim will formally terminate the share sale agreement, and will continue to "seek opportunities" for the Kouri gold project, which is regarded as a noncore asset within the company’s portfolio.
Golden Rim’s focus shifted to its flagship Kada gold project in the Siguiri basin of Guinea in 2020. Funds from the sale of Kouri would have enabled more rapid exploration progress at Kada, however, the company remains committed to delivering exploration success at this exciting project.