AngloGold Ashanti Signs $9 Million Exploration Deal with EcoGraf in Tanzania
Gold mining giant AngloGold Ashanti has entered into a $9 million, five-year farm-in agreement with ASX-listed junior company EcoGraf for the exploration of gold at the Golden Eagle project in Tanzania.
Situated on the eastern margin of the Archean Lake Victoria goldfields, the Golden Eagle project is located within the same structural corridor as the historical Golden Pride mine, which was operated by Resolute Mining and produced 3.4 million ounces of gold.
EcoGraf Managing Director Andrew Spinks commented that the agreement with AngloGold, the world’s fourth-largest gold miner, highlights the strong technical quality of the asset and demonstrates confidence in the Tanzanian mining industry.
“We look forward to AngloGold’s expertise in gold exploration being applied to Golden Eagle, as it hunts for another tier-one gold deposit to complement its existing Geita operation in Tanzania,” Spinks added.
AngloGold has established a dedicated exploration office in Dodoma, Tanzania.
While EcoGraf holds gold assets, they are considered non-core as the company primarily focuses on developing its battery anode materials business for the lithium-ion battery market.
