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Burkina Faso: Avesoro completes Youga and Balogo gold mines’ acquisition

Burkina Faso: Avesoro completes Youga and Balogo gold mines’ acquisition
  • Comments   -   Friday, 22 December 2017 - 16:02

(Ecofin Agency) - Avesoro Resources, active in Liberia on the New Liberty goldmine, has announced that it has completed the acquisition of Youga and Balogo gold mines in Burkina Faso, announced late October 2017.

The $65.9 million deal is “transformational” for the company and adds two mines in production to its portfolio.

“Youga and Balogo will strengthen and diversify our portfolio within West Africa and will be highly complementary to our existing New Liberty Mine (In Liberia, ed. note))", Serhan Umurhan, Avesoro resources’ CEO, commented. He also added that with the deal’s completion and the resulting portfolio increase, the company “will end the year having taken a significant step forward in achieving its stated plan to become a premier mid-tier African gold producer”.

Let’s note that the company plans to produce between 70,000 and 80,000 ounces of gold at New Liberty in 2017.

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