Gold diggers: Mining firms team up to address market ‘challenges’
London-based gold and nickel exploration firm Katoro Gold has entered into a joint venture with an Australian company Lake Victoria Gold.
The companies plan to work on Katoro’s so-called Imweru Gold Project, after it had previously announced the sale of the scheme.
Katoro chief executive Louis Coetzee said the agreement “was a strategic decision by the Katoro Board to address challenges that made it impossible to complete the sale agreement within an acceptable time frame.”
“With Imwelo being located adjacent to Imweru and in advanced stage of development towards first production, that the combination of the two projects will create a larger and significantly more economic project that will be able to attract suitable funding to accelerate the further development and exploitation of the combined gold mining project.”
Under the agreement, LVG will take an 80 per cent stake and Katoro, 20 per cent.