Alecto Minerals PLC on September 30, 2015, announced it had sold all of its exploration assets in Ethiopia to develop gold deposits in Kossano, Mali, The Daily Monitor reported.

Alecto had sold its auxiliary companies, Nubian Gold Exploration Ltd and Rift Valley Resources Ltd to Ethiopian private company, Wame Mineral Development. These subsidiary companies hold Alecto’s entire asset in Wayu Boda and Aysid-Metekel licenses.

Alecto will receive a portion of the net proceed from the sale when Wame disposes of Nubian or Rift Valley or the licenses within two years from completion.

Mark Jones, Chief Executive of Alecto said: “The properties in Ethiopia are both vast and under-explored and considering the more advanced nature of the rest of our gold asset portfolio and the opportunities available at each to more readily add value, we believe that this divestment will better enable us to manage our balance sheet whilst still providing us with upside exposure to announce delineated at either property in the future.”

Alecto had signed a co-operation agreement with Desert Gold Ventures Inc. for the joint development of gold deposits in Mali.

Source: The Daily Monitor