Acacia Mining terminates earn-in agreement with Sarama Resources
May 14, 2019
On May 14, 2019, Acacia Mining announced that it has executed a definitive agreement that officially terminates its earn-in agreement with Sarama Resources in respect of the South Houndé gold project in Burkina Faso. Sarama will resume 100% ownership of the project in exchange for US$2 million in staged payments, as well as royalty payments on gold production and 5 million warrants for common shares in Sarama exercisable for five years.
Acacia Mining is a public gold producer. It operates three mines in Tanzania as well as exploration projects in Kenya, Burkina Faso and Mali.
Sarama Resources is a West African gold explorer and developer focused on establishing a new mining district in Burkina Faso.
McCarthy Tétrault LLP advised Acacia Mining with a team led by Daniel Bornstein that included Claire Lehan.