South African firm acquires gold mine in Mozambique

The South African company Aflease Gold has announced its acquisition of a 22,000 hectare gold concession at Tulo in the northernmost Mozambican province of Niassa.
Aflease says it obtained the concession by purchasing 100 per cent of the Mozambique registered company Noble Trade and Commerce for six million rand. It will also pay a three per cent net smelter royalty on the first 32,150 ounces of gold mined per year, and 0.5 per cent royalty on amounts above this figure.
The Aflease Chief Executive Officer, Neal Froneman, said the concession would give the company an extensive holding in what he called a highly favourable geological setting.
Aflease’s main asset is the Modder East gold mine on the Witwatersrand in South Africa. It has mining interests elsewhere in South Africa and in Namibia.
Source: Mozambique Bussness