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Marvel’s Mali asset sale falls through

20th November 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Marvel Gold’s planned sale of its gold projects in Mali will not proceed as originally intended, the Australian junior mining company announced on Wednesday.

The decision follows recent developments in Mali, where Australian company Resolute Mining has encountered significant challenges. This week, Resolute reached an agreement to pay $160-million to Mali's government after the country’s junta detained the company’s CEO and two other employees.

In October, Marvel had reached an agreement with Precious Metal Consulting and Engineering (PMCE) for the sale of its Tabakorole and Yanfolila projects for A$3-million. However, PMCE has now informed Marvel that it will not move forward with the transaction in its current form.

Despite this, both companies have agreed to continue negotiations on a nonexclusive basis to explore whether the sale can proceed under revised terms.

Edited by Creamer Media Reporter

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