https://www.miningweekly.com

Kodal says it will not extend JV with Resolute

1st February 2021

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

Mineral exploration and development company Kodal Minerals says it has refused a request from Resolute Mining for an additional extension of the terms of a joint venture (JV) agreement between the two companies, claiming that Resolute’s expenditure in the JV of about $2-million falls short of its commitment under the agreement.

Kodal will now retain 100% ownership of the concessions when the JV expires on February 25, it adds.

The JV covers three concessions – Nielle, Tiebissou and M’Bahiakro (application) – and Kodal will continue exploration on all concessions.

Exploration drilling of over 7 400 m by Resolute has defined a gold anomaly at the Nielle project extending for over 1 000 m and open along strike and at depth which will be the priority for future Kodal drilling in Côte d’Ivoire.

Kodal has received all data for the Nielle project, including previously reported drill results.

FUNDING AGREEMENT

Kodal has also provided an update on the term sheet signed for a proposed funding agreement with Aim-listed Riverfort Global Opportunities and Riverfort Global Opportunities PCC to provide up to $2.5-million to be used to advance exploration at the company’s gold assets.

Kodal has been informed that the investors have satisfactorily completed their due diligence in connection with the funding agreement and have confirmed their intention to continue with the funding arrangement subject to agreement on final terms.

Kodal and the investors are continuing negotiations over the final structure and terms of the funding agreement.  

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

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 subscriptions@creamermedia.co.za.

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