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Finance

Burkina Faso: SEMAFO acquires 15.5% of Savary Gold’s equity

Monday, 12 February 2018 16:07

(Ecofin Agency) - Last weekend, Savary Gold, the mining company that operates Karankasso project in Burkina Faso announced that it had sold 33.33 million of its shares to SEMAFO at $0.06 each. Thanks to this transaction, SEMAFO owns 15.5% of Savary.

The TSXV-listed company (Savary Gold) said it would use the fund ($2 million) to advance its Karankasso gold project by conducting technical studies and drillings.

Savary is a Canadian gold exploration and development company. It operates Karankasso project along with Sarama Resources via a joint venture and it holds 69.5% of this project.

Karankasso project, whose mineral resource is estimated at 805, 000 oz, is located in Houndé Greenstone Belt where SEMAFO’s Mana mine, Roxgold’s Yaramoko project, and Endeavour’s Houndé mine are all located.

 Louis-Nino Kansoun





 
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Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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