Altus Strategies, the Africa focused project and royalty generator, announces that on 29 November 2019 it signed a definitive Joint Venture agreement with Glomin Services Ltd on the Company’s Lakanfla and Tabakorole gold projects located in western and southern Mali respectively. The JV Agreement is pursuant to the term sheet between Altus and Glomin as announced by the Company’s on 22 August 2019.
Altus will be the operator of the Joint Venture during Stage 1 on an “at costs plus 10%” basis. Exploration budgets and work programmes will be agreed by a JV committee consisting of up to two representatives of each of Glomin and Altus. Each party shall have one vote, however, any party sole-funding will have a casting vote. If co-funding, each party shall vote in accordance with its participating interest in the JV. The drilling programmes in Stages 1 and 2 will be undertaken by Capital Drilling Ltd and thereafter the drilling contractor will be selected by the party managing the JV.
Capital Drilling Ltd (LON:CAPD) provide complete exploration and production drilling solutions to customers within the global minerals industry, with a focus on the African markets.