African Gold sells Ghana mine concession to Newmont for $4m

Canadian-based miner, African Gold Group (AGG), today October 10, 2012 says it has agreed to sell 100% of its Mankranho mine concession in Ghana to Newmont Ghana Gold Limited.

Under the terms of the sale, NGGL will purchase AGG’s Mankranho concession for a total consideration of $4,000,000, African Gold announced in a statement.

Denver-based Sierra Partners LLC acted as sole financial advisor to AGG on the transaction, officials say.

The 108 sq km Mankranho concession is located in the Brong Ahafo region of Ghana.

“The sale of Mankranho to NGGL represents a significant milestone for AGG, particularly in light of the current macroeconomic environment,” AGG President, Michael A. Nikiforuk said.

The company, however, indicated that the closing of the transaction remains subject to standard closing conditions, including all required regulatory approvals.

By Ekow Quandzie