Resolute Mining Limited and Nimba Mining Company S.A. have announced that a strategic Memorandum of Understanding ("MoU") has been signed regarding the potential co-development of gold projects in Guinea. With the involvement of the Government of Guinea represented by the Ministry of Mines and Geology, this partnership represents a significant milestone in advancing mineral exploration and development activities within one of West Africa's most prospective gold regions. This Memorandum represents NMC's first collaboration with an international listed company operating in the gold sector.
The partnership will focus on jointly assessing mineral resources, conducting comprehensive geological studies, and developing strategic frameworks for potential large-scale gold production operations. Both companies bring extensive expertise in mining operations, development and exploration. This announcement underscores the commitment of both Resolute and NMC to developing the gold-sector in Guinea in a responsible and sustainable manner.
The partnership is expected to generate significant opportunities for local and regional stakeholders. The MoU aligns with Resolute's strategy of building a pipeline of high-quality growth opportunities in established West African gold jurisdictions. Moreover, it complements Resolute's other exploration activities in Guinea including reconnaissance authorisation covering 83 km2 within the Siguiri Basin.
The MoU is part of NMC's diversification strategy supported by the Guinean Government for the development of projects other than in the bauxite sector in accordance with the Simandou 2040 Vision and Program. The MoU is non-binding, and any proposed transaction remains subject to technical evaluation, the negotiation and execution of legally binding agreements and receipt of all applicable regulatory approvals. The parties have agreed that their respective technical teams will seek to complete a preliminary assessment of the identified mining areas within the next 90 days following the signing of this Memorandum.
The principle of joint development of projects via a joint venture to be created was also agreed by the two parties.
