JOHANNESBURG (miningweekly.com) – ASX-listed Amani Gold has secured an agreement with Democratic Republic of Congo (DRC) State-owned entity, Société Minière de Kilo Moto (Sokimo) for an extension to the deadline for completion of a feasibility study at the Giro gold project.
The company’s DRC subsidiary, Amani Consulting and Sokimo have entered into an agreement under the terms of which the deadline for completion of a feasibility study at the Giro gold project has now been extended to December 31, 2018 in exchange for payment of a fee to Sokimo of $750 000.
If a feasibility study is still not complete by that date for reasons beyond Amani Consulting’s control and, in general terms, the feasibility study is progressing positively, then Sokimo may grant a further 12 months extension. Thereafter, in the absence of a completed study, Sokimo has the right to terminate the shareholders’ agreement with Amani Consulting by issuing a termination notice with a six months duration.
“The Amani Group is pleased to announce the agreement with Sokimo. That gives the company sufficient time to increase mineral resources through ongoing exploration at the Giro Gold Project and complete the necessary feasibility studies.” said the chairperson Yu Qiumin.