AngloGold, Okimo in JV deal for gold mining in Congo

Global gold mining major Anglo Gold Ashanti Limited (AngloGold) and Democratic Republic of Congo's (DRC) state-run mining company l'Office des Mines d'Or de Kilo-Moto (Okimo), have agreed to develop jointly a gold project in the Kilo region in the Ituri province of the mineral rich African nation.

AngloGold holds 86.22 per cent in the Ashanti Gold Kilo (AGK) joint venture, while Okimo owns the remaining 13.78 per cent.

The agreement provides for the transfer of exploitation permits from Okimo to AGK covering approximately 6,000 sq.km of area in the Ituri district, in the north-eastern part of the country.

This includes identified gold resources of about 3 million ounces in the Mongbwalu project.

AngloGold chief executive officer Mark Cutifani said: ''This agreement allows us to move forward with an enormously prospective exploration programme from which we expect to develop another world class gold project.''

''By signing this agreement, the parties responded positively to the requirements of the DRC Government in relation to the review of the AGK mining convention'', Willy Bafoa Lifeta, chief executive officer of Okimo, said.