Mali Lithium Disclosed Schemes to Maintain the Morila Gold Mine in between $22 Million and $27 Million from Majors Barrick and AngloGold
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Evidently, the percentage price of junior Mali Lithium rose more than 32% on August, 31st, 2020 shortly after the company divulged proposals to amass the Morila Gold Mine from majors Barrick and AngloGold for between $22-million and $27-million. Thus, Mali Lithium informed shareholders that, the obtainment of the Morila Mine, in Mali would promptly revise the company into a cash generating gold producer.
On this note, the mine is portend to generate some 26,350 oz of gold from November 2020 to the second quarter of 2021, with Mali Lithium telling that, there was substantial possibility for near-term growth in production and mine life. The project is now producing at an annualized rate of up to 50,000 oz/y recouped gold from tailings, though, Mali Lithium schedules to boost production by proceeding with open it mining at satellite pits and at Morila itself.
This laudable project is momentarily rated to host an accepted reserve of some 32- million tones, at 1.26 g/t gold for 1.3-million ounces of contained gold beneath and around the Morila main pit alone.
“Morila is one of West Africa’s great gold mines and we are excited and privileged to acquire a mine of Morila’s caliber with its past production plus mineral resource of 8.7- million ounces of gold. This is truly a transformative transaction for the company as we become a gold producer,” stated Mali Lithium Executive Chairperson – Dr. Alistair Cowden.
“We have a unique advantage as the newest gold producer on the ASX as Morila has all the infrastructure required of an operating remote gold mine as well as the expertise of the operating team. We will benefit from the substantial sunk capital invested by the previous owners over the last twenty years.”
Cowden told that, Mali Lithium was scheduling to utilize the cash flow from the current tailings retreatment at Morila to ramp up the operations through restarting open pit mining as soon as doable.
“We are already working on defining larger resources and reserves that may support a long mine life at higher rates of gold production through a restart of mining.”
Mali Lithium has hit a binding agreement to attain all of the shares in Morila Limited, which holds Barrick’s 40% interest in the project as well as AngloGold’s 40% stake in the project The conclusive thought for the 80% project acquisition would be inferred with reference to the closing balance of tax credits in the joint venture company. The transaction was subject to financing, as well as government approval.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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