Gold exploration company Glencar has secured up to $12 million of new investment for its exploration projects in Mali in a buy-in with Gold Fields.
Glencar has offered Gold Fields a 65 per cent stake in the three of its five concessions in the Sankarani goldfield if the Gold Fields commits up to $12 million in development costs.
The deal is subject to certain conditions precedent, such as Mali government approval of the transfer of the three concessions to a new Malian corporate entity to be owned jointly by Glencar and Gold Fields, following the completion of the Phase 1 Earn-in Period.