AFCR eyes H2 commissioning for new Zim mine
African Consolidated Resources (AFCR) planned to commission its first gold mine in Zimbabwe in the second half of next year.
Following the failed acquisition of the Dalny mine, AFCR secured sufficient funding – from a Zimbabwe source – to start the development of the Pickstone-Peerless gold mine.
A new 50:50 joint venture company, Dallaglio Investments, had, subsequently, been established by AFCR and Grayfox Investments.
Grayfox had the right to exchange its shareholding in Dallaglio for 288-million shares in AFCR, which would result in AFCR taking 100% ownership of the project– subject to indigenisation regulations.
Meanwhile, AFCR said it had incorporated a wider development focus and a more significant presence in Romania on the back of the specific challenges it faced in Zimbabwe.
The “attitude” of outside investors towards injecting funds into Zimbabwe remained a challenge, the company said, pointing out that AFCR was unable to raise the $12-million required as a precondition to acquiring Dalny mine from Falcon Gold Zimbabwe.
Further, AFCR's “advantageous position” of securing “good mining assets” with limited competition in Romania prompted the company to accelerate the evaluation and acquisition of mining opportunities in the region.
In line with this, AFCR secured a $2-million loan facility from Grayfox, with $1-million earmarked for projects in Romania and the balance to be used for general corporate purposes.
In November, AFCR entered into an option to acquire, at its own discretion, a 68% interest in Mineral Mining, which owned the Baita Bihor polymetallic mine, in Transylvania, Romania, for $1.6-million, of which $1.29-million was payable on a deferred basis.
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