Russian gold producer Nordgold has signed an option deal with Alicanto Minerals Ltd for a preemptive right for a buyback of the Arakaka gold ore mining project in Guyana, the company said in a statement on June 19.
Under the agreement, Nordgold gets an option to buy 100% in Arakaka in exchange for $3 million investment in geological exploration within 12-months.
In order to use the option, Nordgold would also have to pay additional $5 million to Alicanto. (Prime/Ukrainian metal)