Barrick JV's with junior operating near Kibali Mine
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(Kitco News) - Loncor Resources (TSX:LN) said Thursday it agreed to a joint venture with Barrick Gold to explore the Ngayu gold belt in the northeast of the Democratic Republic of the Congo.
The Ngayu gold belt lies approximately 220 kilometres from the Kibali gold mine, operated by Barrick. Kibali produced record gold production of 814,000 ounces of gold in 2019, at “all-in sustaining costs” of US$693/oz.
Under the joint venture, Barrick will manage and fund all exploration of the properties until the completion of a pre-feasibility study. Once the joint venture committee has determined to move ahead with a full feasibility study, a special purpose vehicle would be created to hold the specific discovery areas.
“We are pleased to see Barrick’s confidence in the Ngayu gold belt continue to grow. This New Barrick JV further consolidates the control of the Ngayu gold belt by Loncor and Barrick as partners,” said Arnold Kondrat, CEO of Loncor, in a news release.
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