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Alecto Minerals Says Centamin Terminates Ethopia Joint Venture
LONDON (Alliance News) - Alecto Minerals PLC on Wednesday said it has received a notice from Centamin PLC to terminate the pair's joint venture in Ethiopia.
Alecto said Centamin, the FTSE 250-listed gold miner, has issued Alecto with a 90-day formal notice to terminate the joint venture the two entered into in 2013 for the development of Alecto licences in Ethiopia.
Pursuant to the terms of the deal, Centamin's rights on the Wayu Boda and Aysid Metekel licences will revert to Alecto, giving Alecto a 100% stake in the licences and responsibility for the ongoing commitments in respect of the licences.
Alecto said it continues to believe in the prospectivity of the licenses and will actively seek a new partner to replace Centamin.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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