PERTH (miningweekly.com) – The Ghanaian Minister of Lands and Natural Resources has approved ASX-listed Azumah Resources’ A$17-million agreement with Ibaera Capital Fund.
The agreement, which was announced in early August, will see Ibeara earn an initial 42.5% interest in Wa by spending $11.25-million over a two-year period. If additional funds are required to achieve the joint venture (JV) objectives, Azumah could elect not to participate in the funding, leaving Ibeara to sole fund the next A$2.8-million to earn an additional 5% interest in the project.
“The rapid approval by the new Ghana government of the transformational Azumah-Ibeara funding agreement is entirely consistent with its push to re-establish Ghana as West Africa’s preferred destination for exploration and mining,” said Azimah MD Stephen Stone.
“Ibeara’s highly experienced and accomplished technical team is now on board and finalising programmes and budgets, including for drilling, aimed at boosting mineral resources and ore reserves, and ultimately the delivery of a revised blueprint for funding and development of the Wa project,” he added.