Alecto Minerals said its previously announced joint venture with mining major Randgold Resources had been completed. All conditions for exploring and developing Alecto’s 137 sq km Kossanto West Gold project in western Mali have now been satisfied.
Alecto chief Mark Jones told investors: “Whilst satisfaction of certain conditions in the joint venture agreement signed with Randgold Resources was essentially a formality, we are delighted to receive formal confirmation and we hope that this will give shareholders the confidence that the joint venture is moving ahead as planned.
“We have been working with the Randgold team over the past three weeks to ensure that they are fully prepared for commencing work on the ground, and we look forward to updating the market on their progress at the appropriate time.”
The venture sees Randgold take a 65% stake and Alecto will retain a 35% participating interest. An initial work program will involve further mapping with potential follow up reconnaissance drilling anticipated to be undertaken by Randgold in the first 12 months. On completion of a PFS, all costs will be split between the JV parties in accordance with their participating interest.