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Home arrow Business arrow To run a GMA gold mine in Algeria: Egypt Asec
To run a GMA gold mine in Algeria: Egypt Asec PDF Print E-mail
Written by Egypt News   
Tuesday, 20 October 2009
Egypt's Asec Mining will plan and manage operations of an Algerian gold mine held by GMA Resources following a deal to buy 10 percent of the London-listed company, an Asec spokesman said on Monday

The acquisition, completed on Sunday for 1.9 million pounds sterling ($3.10 million), aims to leverage Asec's relative liquidity and continue its expansion into North Africa, the company's media representative Moustafa Shafik said.

"They (GMA) don't have enough money, and they don't have a mining plan, and we are specialised in this," Shafik said.

The 1,425 square kilometre mine produced 18,000 ounces (510.3 kilograms) of gold in the first half of 2009, he said.

The firms are still discussing revenue-sharing agreements and a timetable for developing the mine, which is located near the border with Mali in Algeria's southwest, Shafik said.

Asec has broad operations in geology, mining and manufacturing across the Middle East and North Africa. It manages gold mining and exploration projects in Sudan, Ethiopia and Libya.

GMA Resources explores for gold and runs mines in Algeria.

 

 

 

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