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Oriole Resources PLC shares dropped on Wednesday, after it said its joint venture partner on the Senala gold project in Senegal, Iamgold Corp, has signed a definitive agreement to sell its portfolio of projects.
Shares in the London-based, West-Africa focused exploration company were down 8.0% to 0.18 pence each in London on Wednesday afternoon.
Oriole said Iamgold will sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group for a total of $282 million.
Included in the sale is Iamgold’s interest in the option agreement on Senala, where Iamgold has recently earned a 51% initial interest in Senala by spending $4 million over four years and can earn up to a further 19% by spending an additional USD 4 million before the end of February 2024.
Oriole noted that the transaction is subject to regulatory approvals. It expects the sale to close early in the third quarter of 2023.
‘Oriole is currently in discussions with Iamgold as to the effect of the transaction and the timing of further exploration at Senala, and will update the market in due course,’ the company said.
By Sophie Rose, Alliance News reporter
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