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Commencement of AngloGold Ashanti's $9M Gold Farm-In Agreement
EcoGraf Limited announced the granting of Prospecting Licences for the Golden Eagle Project in Tanzania, marking the start of a $9.0 million farm-in agreement with AngloGold Ashanti. The agreement, unveiled in May 2024, gives AngloGold Ashanti a 70% interest in the project by investing over five years. The area covers 575.23 km² on the eastern margin of the renowned Lake Victoria Goldfields.
The region includes notable sites like the historical Golden Pride mine and the high-grade Winston gold deposit. AngloGold Ashanti, a leading gold miner and owner of Tanzania's largest gold mine, Geita, views this project as a keystone in its renewed exploration ventures in Tanzania, underscoring the region's potential for another major gold discovery.
The collaboration provides a strategic avenue for EcoGraf to capitalize on non-core assets while focusing on graphite projects. This initiative is expected to enhance shareholder value amid rising gold prices.
R. H.
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