Vector buys into DRC gold
PERTH (miningweekly.com) – ASX-listed junior Vector Resources has acquired a 70% interest in the Maniema gold project, in the Democratic Republic of Congo, in exchange for two-billion of its shares.
A further 250-million shares in Vector were issued to the company’s advisers in consideration for services provided in relation to the acquisition.
Vector in September announced the transaction, under which it agreed to acquire African Royalty Company’s rights to acquire a 70% joint venture (JV) interest in the Maniema project from WB Kasai Investment Congo SRL (WBK).
Under the terms of the agreement, Vector has also executed a royalty agreement for the payment of a 1% royalty to African Royalty Company and WBK of the gross revenue on all bullion or other mineral sales made by the JV.
“We are pleased that we have been able to move so efficiently to complete the acquisition of our 70% interest in the Maniema gold project,” said Vector chairperson Gary Castledine.
“With the acquisition now complete, our shareholders now have a majority interest in an advanced gold project, that includes the Kabotshome gold prospect and a further four defined gold prospects, within seven exploration licences located within one of the world’s most highly prospective gold mining regions.”
Castledine said that over the coming weeks, Vector would be looking to strengthen the company’s management team capabilities to enable the company to implement its planned gold exploration programme at Maniema, which would start later this month.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
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
