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Acacia Mining signs joint venture agreement

Daniel Cancian

LONDON (ShareCast) - (ShareCast News) - Gold (Other OTC: GDCWF - news) producer Acacia Mining (LSE: ABG.L - news) has signed a joint venture agreement with OreCorp for a gold project in Tanzania. In a statement released on Tuesday, the company said OreCorp will manage the Nyanzaga project and will be entitled to earn up to a 25% stake through reaching certain targets over a three-year period for an aggregate investment worth up to $15m (£9.68m).

The structure of the joint venture allows us to continue our focus of delivery from our existing mines whilst retaining the optionality to participate in the potential future development of a large-scale gold mine," said group chief executive Brad Gordon.

Acacia Mining shares were down 1.08% to 246.60p at 0907 BST.