Azerbaijan’s top gold producer Anglo Asian Mining (LON:AAZ) is expanding its footprint thanks to a proposed joint venture with Conroy Gold and Natural Resources (LON: CGNR), focused on further developing a gold project in Ireland.
Under the agreement, Anglo Asian will acquire 17.5% of Conroy Gold’s Longford Down gold asset by committing 2 million Euros ($2.3m) to exploration.
Under the deal Anglo Asian Mining could acquire up to a 55% interest in Conroy Gold’s Longford Down gold assets.
The miner’s stake will increase progressively to 55% if it develops the gold deposit to mine construction-ready status.
It will also have to spend 3 million Euros over the next three years on Conroy Gold’s other prospecting licences, located in a 65km-area that the miner has identified in the Longford-Down Massif trend.
“The proposed joint venture is (…) of sufficient scale to considerably add to the company’s operations, but of a size which will not adversely impact the development of our assets in Azerbaijan,” Anglo Asian’s chief executive, Reza Vaziri, said in the statement.
In the past two years, the Central Asia-based miner has been actively seeking additional projects to fulfil its ambition to become a mid-tier gold and copper metal production company.