(Ecofin Agency) - The mining company Armadale Capital has signed a sales agreement, with Weghsteen Capital Advice (WCA), to transfer its gold mine project in Mpokoto, Democratic Republic of Congo. WCA operates on behalf of Radismore Ltd, a fully funded firm which committed to start the project within 2 years.

According to the terms of the transaction, which could lead to a final agreement during this quarter, the sale amount would be $562,500 payable in cash in three instalments. The seller will also get a 1.5% royalty on next production on the mine.

According to Armadale, quoted on the Alternative Investment Market (AIM), the sale of this “non-essential” property will enable it to focus on developing its Mahenge Liandugraphite project in Tanzania and consider further investments opportunities.

Louis-Nino Kansoun