Turaco to sell another project as it focuses on Afema
ASX-listed Turaco Gold has entered into share sale and purchase agreements with fellow ASX-listed Santa Fe Minerals for the divestment of its interest in the Satama granted exploration permit and the Bouake North exploration permit application, which make up the Eburnea gold project, in central Côte d’Ivoire.
In a media release, Turaco says this divestment is consistent with the rationalisation of its exploration projects in the West African country to focus its resources on the Afema gold project, while retaining upside exposure through shareholdings in listed entities.
Santa Fe will issue 12-million of its shares to Turaco as payment for the Eburnea project.
It will also issue to Turaco four-million performance rights that convert into fully paid ordinary shares in Santa Fe upon meeting certain milestones.
In addition to customary conditions, the sale is conditional upon Santa Fe shareholders approving the transaction and Santa Fe completing an equity raising of at least A$1-million.
Santa Fe has confirmed in a separate media statement that it has received binding commitments to undertake a placement of 24-million fully paid ordinary shares at $0.05 a share to raise $1.2-million, before costs.
“Through a cornerstone shareholding in Santa Fe, Turaco will continue to benefit from any exploration success within the Eburnea project by Santa Fe, while not distracting Turaco’s focus on the Afema project.
“This agreement follows other recent divestments of noncore permits by Turaco that have resulted in the generation of significant value for Turaco,” says Turaco MD Justin Tremain.
Turaco has delineated a Joint Ore Reserve Committee-compliant resource estimate of 3.55-million ounces at Afema, which it says is one of the largest undeveloped gold projects in West Africa.
Comments
Projects
Latest Multimedia
Latest News
Showroom
REELIN is Currently the largest supplier of Bearings to Transnet. We have contracts to supply bearings, draft gears slackadjusters and other...
VISIT SHOWROOM
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
