AIM-listed Alecto Minerals has entered into a non-binding agreement with Arabian-Nubian Shield focused company Centamin.Alecto, the multi-commodity exploration and development company with projects in Ethiopia and Mauritania, says the alliance will allow both companies to evaluate, and potentially pursue together, opportunities offered by certain mining projects identified within the Federal Democratic Republic of Ethiopia. Further, the company noted that the alliance underpins both parties’ commitment to identifying and developing projects in a country that is quickly emerging as a highly prospective destination, particularly for gold.
The purpose of the Joint Venture (JV) is to pursue opportunities offered by certain mining projects identified by Alecto and Centamin within the Federal Democratic Republic of Ethiopia. Centamin will invest £250 000 in Alecto by way of a share subscription at a price per share of 1.6p a 60% premium to share price.“This is a potentially transformative deal for Alecto that endorses the work we have completed and the quality of our portfolio in Ethiopia. If the JV agreement is signed, with Centamin‘s investment and technical input, we believe we can rapidly advance the Wayu Boda gold project, and potentially our Aysid Metekel project, to create value for our shareholders. We look forward to working with Centamin to explore our land package in Ethiopia and potentially develop further interesting projects,” concluded Alecto Minerals’ MD Damian Conboy.