AngloGold Ashanti, EcoGraf inks deal for Golden Eagle gold project
AngloGold Ashanti and EcoGraf have inked a deal for gold exploration at the Golden Eagle gold project in Tanzania.
The deal entails a $9 million (A$13.5 million) five-year farm-in agreement under which AngloGold will make an initial payment of $100,000 to Innogy once prospecting licenses are granted by the Tanzanian Mining Commission.
AngloGold can earn a 70% interest in the Golden Eagle project by investing $8.9 million over five years, while EcoGraf will retain a 30% stake. There is an option for AngloGold to withdraw from the agreement after a minimum expenditure of $900,000 within the first two years. If this option is exercised, all data and samples collected during the exploration will be returned to EcoGraf.
Golden Eagle Project
Upon earning the 70% interest, EcoGraf can either maintain its 30% share or convert it into a gross revenue royalty if AngloGold advances the project to production. The Golden Eagle Project, which has undergone extensive due diligence by AngloGold since May of the previous year, is located in the Singida and Manyara regions. It is considered a high-quality gold asset with significant potential, situated in the same structural corridor as the former Golden Pride 2 gold mine and near the high-grade Winston gold deposit.
The project area is characterized by Archean greenstone belts within a granitic complex, with gold primarily found in veined shear zones. The project includes two pending prospecting licenses covering 578 km², and is part of AngloGold’s renewed exploration efforts in Tanzania. AngloGold has established a dedicated exploration office in Dodoma, Tanzania.
EcoGraf, through Innogy, also holds other promising projects for nickel, lithium, and Proterozoic gold mineralization in Tanzania, which are currently attracting corporate interest. EcoGraf’s managing director, Andrew Spinks, highlighted that this agreement underscores the strong technical quality of Innogy’s assets and boosts confidence in Tanzania’s mining industry. The agreement aligns with EcoGraf’s strategy to focus on its battery anode materials business for the lithium-ion battery market, while providing shareholders with exposure to rising gold prices through the Golden Eagle project.
