Burkina Faso : Acacia Mining sells non-core asset for $45 million
Tuesday, 19 December 2017 14:35
Acacia Mining, which operates three gold mines in Tanzania, has announced this Tuesday the sale of its 2% royalty over the Houndé gold mine in Burkina Faso, for $45 million. The purchaser of the royalty which was held by Acacia since 2010 is Sandstorm Gold, which is listed on TSX and NYSE.
The firm has explained that its decision was taken after Endeavour mining, the mine’s operator, announced last October, commercial production at the site. The deal will be closed in the first quarter of 2018. This will be together with the measures taken at the Bulyanhulu and Buzwagi mines in Tanzania to reduce cash outflows, to strengthen Acacia’s balance sheet.
In Tanzania, Acacia Mining, throughout the year was having a dispute with the government regarding an embargo on raw ore exports. This conflic which has significantly impacted the firm's treasury was solved with the help of Acacia's parent company, Barrick Gold.
Louis-Nino Kansoun
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