Barrick Gold has rejected Congolese parastatal Société Minière de Kilo-Moto’s (SOKIMO)’s intended sale of its 10% interest in the Kibali gold mine in Democratic Republic of Congo (DRC) to AJN Resources.
The Precious Stones miner’s announcement comes in response to reports that SOKIMO will sell its 10% share in the Kibali gold mine to exploration and development firm AJN Resources. The Kibali gold mine is situated 560km north-east of Kisangani in the Orientale province.
Earlier this month, AJN Resources signed a memorandum of understanding (MoU) with SOKIMO, who proposed to obtain the conversion of its rights to direct participation in various gold licences held by SOKIMO into shares in AJN.
AJN Resources Inc. is an exploration and development company formed for the purposes of acquiring, exploring and if warranted and feasible, developing resource properties. We acquire and develop properties of demonstrated potential. The company’s management and directors possess over 75 years of collective industry experience and have been very successful from exploration, to financing, to developing major mines throughout the world.
In a statement released to the public, Barrick explained that SOKIMO is contractually bound by them and its joint venture partner AngloGold Ashanti not to sell or otherwise transfer its shares in Kibali Goldmines, the owner of the Kibali gold mine, without their approval. They also added that no such approval has been sought and as such none will be granted either.
Barrick and AngloGold each hold 45% interest in the Kibali gold mine while SOKIMO holds the remaining 10% stake.
