Marshall Minerals (ASE) and 67% owned subsidiary Eden Roc Minerals (ASE) have made some headway in their bid to finance construction of a heap leach gold mine on the Ivory Coast of West Africa. According to Marshall, the Africa Growth Fund has agreed to invest US$2.5 million in the Ivory Coast project which is held 90% by Eden Roc and 10% by the SODEMI, an Ivorian government mining concern.
Based in the U.S., the Africa Growth Fund is a privately funded investment company managed by an affiliate of Equator Bank.
The agreement is conditional on Eden Roc raising an additional US$2.5 million for development of the Ivory Coast project, completion of due diligence and the receipt of regulatory approvals.
In return for investing in the project, Africa Growth Fund will be entitled to nominate one representative to the boards of each of Eden Roc and its 90% owned Ivorian subsidiary SOMIAF.
The structure of the investment will be determined by the end of March, according to Marshall.
To date, SOMIAF has outlined 1.5 million tonnes of grade 3.96 grams per tonne (plus an additional 830,000 tonnes of 3.93 grams) on a large mining concession on the Ivory Coast.
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