Aim-listed Alecto Minerals has received confirmation from Randgold Resources that all conditions precedent to the parties’ joint venture (JV) agreement for the exploration and development of Alecto’s 137 km2 Kossanto West project, in western Mali, have been satisfied.
The parties in January signed the JV agreement that would see Randgold fund all costs at the project, which comprised the Kobokoto East and Koussikoto exploration permits, up to the completion of a prefeasibility study.
In return, Randgold would earn a 65% interest in Kossanto West.
“While satisfaction of certain conditions in the JV agreement signed with Randgold was essentially a formality, we are delighted to receive formal confirmation and we hope that this will give shareholders the confidence that the JV is moving ahead as planned,” said Alecto CEO Mark Jones.
He added that Alecto had been working with Randgold over the past three weeks to ensure that they were fully prepared to start work on the ground.
Source: Mining Weekly