POST Online Media Lite Edition


Alecto Minerals buys Matala and Dunrobin Gold Mines in Zambia

Staff writer |
Alecto Minerals plc has made a significant step in pursuit of its strategy of becoming a gold producer in the near to mid-term through the acquisition of the Matala and Dunrobin Gold Mines in Zambia.

Article continues below

The 25 year renewable mining licence is covering 32km2, associated environmental permit and advanced resources.

Alecto has acquired the project for an aggregate consideration of £1.54 million, to be satisfied through the issue of 943,750,000 new ordinary shares of 0.01p each in Alecto, £100,000 in cash and £307,500 as deferred consideration from C3W Limited and CNG Trust.

Mark Jones, CEO of Alecto, commented: "In acquiring this Project in the stable Southern African democracy of Zambia at low cost we have, once again, taken advantage of market conditions to de-risk our portfolio and deliver significant potential upside for all stakeholders going forward."

What to read next

Acacia Mining: Tanzania ban costs $1m daily in revenue
China Jiangxi gets $1.2 billion for road expansion project
New Gold reports fatality at its Peak Mines, operations suspended