Randgold Resources (GOLD-Q, RRS-L) will fund and perform a pre-feasibility study on the Bambadji gold project in Senegal, across the border from Randgold’s Loulo gold mine in Mali.
Under an agreement with Iamgold (IMG-T, IAG-N), Randgold will earn a 51% interest in the property from the pre-feasibility study, after which the partners can jointly fund a final feasibility study or Iamgold can elect to be diluted to a 35% holding while Randgold funds it.
Iamgold, in turn, has its plate full with development work on the Quimsacocha gold deposit in Ecuador and the Buckreef gold deposit in Tanzania.
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