Posted in | News | Gold | Mining Business

Perseus Mining Partners with ABM for Projects in Saudi Arabia and Africa

Mid-tier, African focused gold producer, developer and explorer, Perseus Mining Limited wishes to announce that it has entered into a Cooperation Agreement with Ajlan & Bros Mining & Metals Company (ABM), the mining division of a Kingdom of Saudi Arabia based investment conglomerate company, Ajlan Brothers.

The binding agreement contemplates that Perseus and ABM will jointly investigate co-investment in projects located both in Saudi Arabia and on the African continent, including projects located in northern African countries, such as Algeria, Eritrea, Ethiopia, Egypt and Sudan.

While the preference of the venture is to assess projects that have published either a PFS or DFS and can be advanced to development in the medium term using Perseus’s in house exploration and development skills, consideration will also be given to earlier stage projects, particularly those located in the Kingdom of Saudi Arabia where the government has an active programme of offering prospective exploration projects to private enterprise organisations through a public tender process.

Perseus’s Chairman and CEO Jeff Quartermaine said:

“Entering into a Cooperation Agreement with ABM represents an important milestone in Perseus’s continued evolution into a geographically diversified explorer, developer and producer of gold.

To date, we have focussed our organic growth programmes on land located close to our existing mine infrastructure at our three operating mines in Ghana and Côte dÍvoire. While this has proved very beneficial to Perseus in terms of immediately replacing Ore Reserves depleted through our operating activities which produce in excess of 500,000 ounces of gold per year, this recent initiative opens up a new area of endeavour in some of the most prolific, under-explored mineral provinces in the world. To be gaining access to these areas in partnership with a Saudi based company gives us a high level of confidence that we will be well equipped to manage the culturally different settings that we may encounter and to navigate the challenges that arise in these jurisdictions from time to time.

The Kingdom of Suadi Arabia has been very supportive of companies based in KSA who wish to venture into the field of minerals exploration, development and production and in conjunction with Perseus, a proven performer in West Africa, both companies are looking forward to a long and mutually beneficial relationship.”

 

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.