Oriole Resources (LON: ORR) shares fell Wednesday after the company reported an update on its Senala Gold Project in Senegal.
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The AIM-quoted gold exploration company focused on West Africa reported that its partner on the project, IAMGOLD Corporation, has signed a deal to sell its portfolio of projects in Senegal, Mali and Guinea to Managem Group for an aggregate consideration of approximately $282 million.
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Oriole Resources shares are currently down more than 8%.
IAMGOLD’s interest in the option agreement on Senala is included in the deal. However, IAMGOLD recently earned a 51% initial interest in Senala after spending $4m over four years and can earn up to a further 19% (total 70%) if they spend an additional $4m before the end of February 2024.
Oriole said it is currently in discussions with IAMGOLD about the effect of the transaction and the timing of further exploration at Senala. It expects to update the market on any news “in due course.”
IAMGOLD expects the deal to close early in the third quarter of 2023.
Earlier this month, Oriole Resources shares jumped over 31% after it revealed it had delivered the first inferred mineral resource for Bakassi Zone 1 in Cameroon of 305,000 ounces of gold grading 2.19 grammes per tonne.
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