The Rovina project site is in the historic mining district known as the “Golden Quadrilateral” — one of the largest gold-producing areas in Europe.
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As part of the deal, Canada’s Royal Road Minerals will pay AngloGold around $4.6 million in cash, with further payments amounting to $35 million in total if certain milestones are reached.
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The company has started the permitting process for two high-grade satellite feeder pits that could increase production at its La India gold project in Nicaragua by 50% to 120,000 ounces a year.
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A hybrid solar power system will provide electricity to the company’s project center while reducing CO2 emissions by 147 tonnes annually and the costs for fuel by $250,000 per year.
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Rock Lefrançois was promoted from COO to head of the company.
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The diversified miner’s CEO Mark Cutifani earned $72,000 per day last year.
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The winner’s prize is an “opportunity to negotiate up to a $1 million investment” in their technology, either toward a proof of concept or direct investment.
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Chief executive Mark Bristow will discuss a potential JV with rival Newmont only if his company runs the operation.
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Move is part of an increasing wave of investment by mining and energy groups into technologies that suck carbon dioxide directly from the atmosphere and use it to make synthetic fuel.
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A recent study has confirmed that about 27% of the diamonds at the company’s Orion South and Star exploration sites are type IIa, a category that represents less than 2% of all rough stones mined from kimberlites.
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