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Dynacor Gold Signs LOI To Globally Expand Its Ore-Purchasing And Processing Business

Mining News - Published on Mon, 17 Jun 2019

Image Source: NAI500
Dynacor Gold Mines Inc, a leading ore purchasing and processing corporation servicing artisanal and small-scale miners in Peru, announced that it has signed a Letter of Intent with KN Equipments Inc and Fonds Souveraind Investissements Stratégiques” of Sénégal. The Corporation is setting in motion to strategically expand its business globally by forming a jointly-owned company to operate in Senegal. The new company would start by building an upgradable ore-processing plant in Senegal. The initial plan is for a 100-150 tonnes per day facility with the design to double capacity to 300 tonne per day. Dynacor is to operate the plant and own the majority of the company with 51% ownership. KN Equipments Inc. and FONSIS will own the balance at 25% and 24% respectively.

Subject to a 7 month due diligence period which is to complete before the end of 2019, the terms of the LOI anticipate Dynacor will provide the technical and legal teams. The teams are to conduct a complete accounting of potential production sites, the total number of ASM and all other pertinent data concerning the feasibility of this project. The final decision to move ahead on the project will be on or before December 31, 2019.

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Posted By : Sanju Moirangthem on Mon, 17 Jun 2019
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