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News Breaks
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November 25, 2009
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| 12:57 EDT |  | GOLD |
| theflyonthewall.com: | Rangold Resources ups Tongon stake | | Randgold Resources is to acquire a further 5% interest in the Tongon gold project in Cote d'Ivoire, raising its stake to 89%. Development of the Tongon mine is currently under way and it is scheduled to go into production in 4Q10. The company said today its subsidiary Randgold Resources Limited had entered into an agreement with New Mining Cote d'Ivoire SA to acquire the additional interest in Societe des Mines de Tongon SA, the owner of the project, for $10M in cash. Of this, $2M is payable on completion of the deal and the balance upon satisfaction of certain conditions subsequent. After completion NMCI will own 1% of Tongon with the government of Cote d'Ivoire holding the remaining 10%. :theflyonthewall.com |
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