Canadian gold mining company Roxgold Inc. has agreed to acquire a portfolio of 11 exploration permits in Côte d'Ivoire, which includes the Séguéla gold project from Newcrest West Africa Holdings Pty Ltd, part of Niugini Mining (Australia) Pty Ltd.
Under the deal, Roxgold will pay approximately $20 million for the permits from Newcrest and an extra $10 million in cash upon production of the first gold from any of the areas covered.
Roxgold said that the deal represents an addition to its growth pipeline, providing a key second asset, immediate additional resource upside and a large prospective land package to its shareholders.
The deal is subject to the renewal of certain permits and the approval from the Minister of Mines of Côte d'Ivoire and other required regulatory approvals.