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A new gold exploration venture is strengthening Guinea’s push to diversify its mining industry beyond bauxite, with Resolute Mining and state-backed Nimba Mining Gold joining forces to pursue prospective gold projects in the country.
The two companies have established Landaya Gold, headquartered in Conakry, to assess prospective areas, conduct exploration and evaluate opportunities for future development, Reuters reported. The venture builds on a memorandum of understanding signed in March, under which Resolute and Nimba agreed to jointly assess mineral resource targets with the potential to develop large-scale gold projects. The companies had agreed in principle to establish a joint venture and report on identified mineral targets within 90 days.
Landaya Gold now provides a formal structure for taking that collaboration forward. The partnership also marks Nimba’s first venture with an internationally listed gold producer and comes as Guinea seeks to broaden its mining economy beyond bauxite. While the country remains the world’s largest bauxite producer, the government has been seeking to expand investment across other mineral commodities, including gold.
Resolute brings existing exploration interests and regional operating experience to the partnership. Its reconnaissance authorisation covers 83 square kilometres in the Siguiri Basin, one of Guinea’s main gold-producing regions. The Australia-listed miner operates the Syama gold mine in Mali and Mako mine in Senegal and is developing the Doropo project in Ivory Coast. Resolute has previously indicated that Guinea could eventually host its fourth operating mine.
The venture therefore gives the company an opportunity to build on its existing presence in Guinea while expanding its pipeline across established West African gold jurisdictions.In addition, the partnership offers Nimba access to international exploration and development expertise while supporting greater participation by local stakeholders in the country’s emerging gold opportunities.
Nimba Managing Director Patrice L’Huillier noted that the partnership is intended to strengthen local expertise and create long-term value for the Guinean state and communities. The creation of Landaya Gold moves the relationship beyond the preliminary framework agreed in March and establishes a vehicle through which the partners can advance exploration and assess the commercial potential of Guinea’s gold resources.
