Panthera Resources PLC (AIM:PAT) has further restructured the joint venture agreements with Golden Spear Mali (GSM) over the Kalaka and Bassala gold projects in Mali.
Under the new joint venture agreements, Panthera's interest in the Kalaka and the Bassala Projects has increased from 80% to 85% respectively with the remaining 15% interest continuing to be owned by local partner, GSM.
Furthermore, GSM will be entitled to a 'carry' of costs by Panthera until the commencement of construction for the commercial development of mining operations.
Mark Bolton, Panthera’s managing director said: "The company is actively considering its strategic options over its West African gold portfolio given the ongoing Bhukia arbitration proceedings.
“Whilst the company believes that the West African portfolio is highly prospective, particularly in an improving gold price environment, exploration activity continues to be curtailed due to the dilutionary impact on its shareholders and therefore in the Bhukia arbitration.
“With these changes now completed, the company is well positioned in its discussions with third parties to potentially fund and/or reorganise its ongoing ownership interest in the West African gold assets.”