https://www.miningweekly.com

Taurus Gold enters JV with Randgold to explore Mali project

4th July 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – British Virgin Islands-based West African explorer Taurus Gold has entered into a joint venture (JV) agreement with Randgold Resources to explore and potentially develop the Bakolobi gold project, located 30 km south of Randgold's Loulo mine, in Mali's south-west.

Under the terms of the agreement, Randgold would fund all costs to complete a prefeasibility study for the project, and the company would be bound by minimum yearly work commitments.

Randgold would initially own a 51% interest in the JV, which it could increase to 65% by funding a feasibility study, if Taurus did not want to do so, or if Taurus failed to fund its proportionate share of the cost.

Further, upon completing the feasibility study, each party would be required to fund its proportionate share of all development and mining costs, failing which, its participating interest would be subject to dilution.

“Taurus believes that Randgold is the perfect strategic partner for this project with its record of successfully developing gold projects in West Africa, allowing Taurus to focus its resources on its advanced projects in Cote d'Ivoire and Burkina Faso. Taurus will retain a material interest in the project, while removing any funding requirement until it has advanced to the feasibility study stage,” Taurus Gold chairperson Jonathan Schneider said.

The 120 km2 Bakolobi permit is located in the south-western corner of Mali, near the Senegalese border, in a prolific gold province where more than 27.3-million ounces of gold have been discovered. The permit area is bisected by among others, a significant gold-bearing shear zone known as the Fekola shear zone, which was host to Papillon Resources' 4.2-million-ounce Fekola project, which was located 3 km south of Bakolobi.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

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:0.061 0.959s - 128pq - 2rq
Subscribe Now