https://www.engineeringnews.co.za

Gold miner Avocet to sell Burkina Faso assets

18th December 2017

By: Reuters

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Struggling miner Avocet Mining said it would sell its assets in Burkina Faso for $5-million to Ghana-based Balaji Group, staving off potential a bankruptcy for its units in the West African country.

The sale, which includes the Inata gold mine and the Souma exploration project, is part of a larger restructuring involving Avocet's overdue loans totaling $28.7-million to creditor Manchester Securities Corp.

Avocet was forced to halt production at its largest mine Inata, 90% owned by the company, from April when it started restructuring talks with creditors of its subsidiaries SMB and Goldbelt Resources.

The company, which also has operations in neighbouring Ghana, has been struggling to keep Inata operational after former workers seized a shipment of gold last year. Earlier this year, Avocet faced possible insolvency after the expiry of a freeze on loan repayments.

Balaji Group said it intends to invest about $26-million to bring the mine back into full production and develop the Souma deposit.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 1.082s - 140pq - 2rq
Subscribe Now