Coal News Hubb
Advertisement Banner
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

GoviEx to sell Mali uranium project to African Energy Metals

admin by admin
January 22, 2023
in News


The transaction is planned to close on or before 15 March 2023. Credit: Ulrich Hummel from Pixabay.

GoviEx Uranium has agreed to divest its Falea polymetallic copper-silver-uranium project in Mali to African Energy Metals (AEM) in a C$5.5m cash-stock deal.

Under the agreed terms, AEM will acquire all issued and outstanding shares of GoviEx’s wholly owned Malian subsidiary Delta Exploration Mali SARL.

Delta Exploration owns three contiguous exploration licences, namely Falea; Bala; and Madini, which are collectively known as the Falea project.

The deal consideration includes a $500,000 cash payment and the issuance of AEM common shares equal to a value of $2m.

Subject to the re-issue of the licence for the Falea project, AEM will also issue $3m worth of common shares to GoviEx.

Furthermore, GoviEx will be granted a 3% net smelter royalty on the Falea project.

The sale forms part of GoviEx’s plan to focus on its two advanced mine-permitted projects, specifically Madaouela in Niger, and Muntanga in Zambia.

GoviEx CEO Daniel Major said: “This is a strategic deal which will allow GoviEx shareholders to maintain a significant interest in the Falea project whilst allowing the company to concentrate its efforts on the continued exploration and development of its two mine-permitted, advanced-stage development uranium projects, Madaouela and Muntanga.

“Falea is a solid project with fantastic exploration potential and African Energy Metals is well placed to manage its development going forward, with in-country knowledge and experience.”

Subject to conditions, including, but not limited to approval of Canada’s TSX Venture Exchange, the transaction is planned to complete on or before 15 March 2023.

African Energy Metals executive chairman Stephen Barley said: “It is a polymetallic project with a significant uranium resource. GoviEx will become an important shareholder of African Energy Metals and our shareholders will have the continuing benefit of their knowledge and mining expertise.

“Less than 5% of the property has been explored, so there is substantial exploration upside for uranium, copper, gold, and silver.”





Source link

Previous Post

The risks of plundering the periodic table

Next Post

Potanin says sanctions constrain Nornickel, force it to adjust strategy

Next Post

Potanin says sanctions constrain Nornickel, force it to adjust strategy

Recommended

Environmental, social and governance (ESG) considerations for the Canadian mining sector

2 weeks ago

BHP sees 2-3 years of elevated costs, near-term copper oversupply

2 months ago

© 2022 Coal News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Coal Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Coal Mining
  • Contact

© 2022 Coal News Hubb All rights reserved.