African investment Australia’s Resolute Mining has acquired a stake valued at A$22.5 million in Orca Gold, a player in Sudan’s gold industry with current mineral resources of 3.8 million oz of gold.
Resolute Mining and Orca Gold are planning to collaborate on mining opportunities in Sudan, Côte D’Ivoire, and elsewhere in Africa, the Australian company said in a statement.
"Current annual production from Sudan of more than 3 million ounces of gold is sourced from small scale and artisanal mining activity. Similar to Resolute’s entry into Ghana and Tanzania in the late 1990’s, we are convinced this region of Africa will soon host new modern gold mines," said John Welborn, the managing director and CEO of Resolute Mining.
Listed on the Toronto Stock Exchange, Orca Gold says it is engaged in the acquisition, exploration, and development of mineral properties in North and West Africa.