Shanta Gold () is buying Acacia Exploration Ltd, the local Kenya subsidiary of Barrick Gold ()().
Shanta CEO Eric Zurrin can barely conceal his pleasure as he tells Proactive London about the 'spectacular grades' at the new project and how he plans to slash operating spending to roughly half of Barrick's cost model.
The West Kenya project has a resource currently pegged at just under 1.2mln ounces with grades at a handsome 12.6 grams per tonne, and the project is believed to be the highest grade million ounce-plus project under development anywhere in Africa.
Barrick will become Shanta Gold’s fifth largest shareholder with a 6.4% interest.
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