Amani sells Giro for $30m

7th February 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


Font size: - +

PERTH ( – Minerals and metals explorer Amani Gold on Tuesday announced a $30-million transaction to divest of its Giro gold project, in the Democratic Republic of Congo (DRC).

The company has signed a binding term sheet with Mabanga Mining SARL for the sale of Amani’s shareholding in its DRC-based entity Amani Consulting, which holds the Giro project.

Mabanga will acquire Amani’s 850 shares in the subsidiary, representing 85% of the total issued share capital in Amani Consulting, which in turn holds a 65% interest in Giro Goldfields, which holds the two exploitation permits making up the Giro project. The DRC government, through Société Minière De Kilo Moto SA (SOKIMO) holds the remaining 35% share in the project.

Amani told shareholders on Tuesday that the $30-million purchase price offered for Giro represented a value increase of around 75% above Amin Gold’s current market capitalisation, with the cash consideration providing the company the opportunity to pursue new assets.

The company also anticipated that geopolitical circumstances in the region could worsen in the future, resulting in large-scale gold projects such as Giro becoming less attractive to potential acquirers or investors. General elections are scheduled to be held in the DRC in December 2023. Furthermore, Amani noted that further development of the Giro project would require substantial funds, which would most likely need to be raised through the issue of equity, diluting existing shareholders.

Under the terms of the agreement, a first tranche payment of $5-million will be due on the execution of a term sheet, with a second tranche of $8-million due within one year of the first tranche. A third $8-million payment will become due one year after the second tranche payment, and a fourth tranche of $9-million will be payable on the one year anniversary of the third tranche payment.

The transaction is subject to shareholder, regulatory and third-party approvals.

The Giro project is located 35 km west of Randgold/Anglo Ashanti’s producing 16-million-ounce Kibali mine and comprises two permits covering 497 km2 in the Moto greenstone belt.

The project includes the Kebigada deposit, which hosts a 3-million-ounce maiden indicated and inferred mineral resource, grading at 1.46 g/t gold.

Edited by Creamer Media Reporter


The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at

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
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?