This will be in exchange for payment of a fee to Sokimo of US$750 000.
If the feasibility study is still not complete by that date for reasons beyond Amani Consulting’s control and, in general terms, the feasibility study is progressing positively, then Sokimo may grant a further 12 months extension (i.e. to 31 December 2019).
Thereafter, in the absence of a completed study, Sokimo has the right to terminate the shareholders’ agreement with Amani Consulting by issuing a termination notice with a six months duration.
“The Amani Group is pleased to announce the agreement with Sokimo. That gives the company sufficient time to increase mineral resources through ongoing exploration at the Giro gold project and complete the necessary feasibility studies,” says chairman Yu Qiumin.