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Grove Mining Signs Agreement to Purchase Three Gold JV Permits in Côte d'Ivoire.

Metals and Mining

Business Honor
02 April, 2025

Grove Mining acquires gold JV permits in Côte d'Ivoire from Desert Metals under a structured agreement.

In order to acquire the three gold partnership (JV) licenses in Côte d'Ivoire, West Africa, Grove Mining, an Australian miner, has signed a legally binding contract with Desert Metals, which is listed on the Australian Stock Exchange (ASX) and its affiliates.

Générale des Mines et Carrières (GEMICA), a privately held business in Côte d’Ivoire, now has the obtained permits pertaining to the Vavoua, Vavoua West, and Kounahiri West properties, which together make up the Central West Gold Joint Venture (JV).

Under the terms of the current JV agreements, Desert Metals is entitled to acquire a majority stake in each permit. In exchange for a structured fee, Desert Metals will give MetalsGrove its JV interests under the terms of the agreement. This comprises a one-time cash payment of A$50,000 ($31,426.3) upon the Vavoua license's issuance, followed by another A$50,000 with the issuance of the Vavoua West or Kounahiri West licenses, whichever comes first.

Additionally, a milestone-based payment of A$1 million will be made, with a maximum payout of A$3 million, if it is calculated that a JORC-compliant mineral resource contains more than 500,000 ounces of gold (or gold equivalent) with a grade above one gram per tonne. Finally, up to A$3 million or the royalty amount on the first 125,000 ounces of gold produced, whichever is larger, Desert Metals will receive 1% of the net smelter royalty on the project's output.

Desert Metals will be able to concentrate on its main gold projects in Adzope and Tengrela South thanks to this calculated approach. These Greenfield prospects have not yet undergone contemporary mineral exploration and are awaiting official sanction.