Falgold seeks shareholder approval for mine sale

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HARARE – Junior gold miner Falcon Gold Zimbabwe will next month seek shareholder approval to dispose of its mothballed Dalny Mine to London-based African Consolidated Resources (AFCR) for $8 million.

The two parties last month reached a conditional agreement for the sale and AFCR sought to raise over $20 million through a mixture of debt and equity to restart the mine and also begin production at its two flagship projects, Pickstone-Peerless Gold Project and its Gadzema Gold Project which are proximal to Dalny in Kadoma.

In a notice published on Monday, Falgold said extraordinary general meeting will be held on August 13 “to authorise the directors to execute all necessary procedures for the disposal of the assets (along with related liabilities) of Dalny Mine, a division of Falcon Gold Zimbabwe Limited, as contemplated in the memorandum of agreement signed on May 8 2014 with African Consolidated Resources PLC.”

Dalny and its assets will be sold for $8 million, with the net cash consideration after the execution of the terms and conditions of the transaction at about $2,5 million.

Falgold, which is 84,7% owned by Canadian-listed New Dawn Mining Corporation, closed Dalny in August last year and placed it under care and maintenance citing liquidity problems triggered by falling gold prices and operational challenges such as high power costs.

The mine placed its over 900 workers on unpaid leave.

— The Source

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