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Armadale Capital Enters Agreement To Sell Mpokoto Gold Project

Fri, 11th Jan 2019 09:12

LONDON (Alliance News) - Investment company Armadale Capital PLC on Friday said it entered into a formal agreement with African Royalty Co Pty Ltd for the sale of its non-core Mpokoto Gold project in the Democratic Republic of Congo.

Under the agreement, Arrow Mining Pty Ltd, a company associated with African Royalty, will take over operations of the project. Arrow will pay Armadale a 1.5% royalty on gold sales achieved once in production.

"The transaction allows Armadale to focus on advancing its primary value driver, the high-grade Mahenge Liandu Graphite project in Tanzania, whilst ensuring the company retains exposure to the development upside of the Mpokoto Project," the company said.

Armadale shares were trading up 3.9% at 0.99 pence each.

By Elena Cherubini;

Copyright 2019 Alliance News Limited. All Rights Reserved.

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