Serengeti pens Anglo agreement

Serengeti Diamonds (SGD-V) has signed a joint-Venture deal with South African mining giant Anglo American.

The agreement will see Anglo bear all costs up to a feasibility study on Serengeti’s Tanzanian projects in return for a 75% interest. Serengeti will retain a 25% carried interest.

The joint venture encompasses all minerals except diamonds. It does not include certain areas where Anglo had interests prior to its agreement with Serengeti.

Serengeti has provided Anglo with airborne geophysical data covering most of Tanzania. All of the magnetic and most of the radiometric data have been processed, and initial interpretation has identified several potential gold and base metal targets.