Maputo - XINHUA
Australian Terranova Minerals is to operate in gold mining in the central Mozambican province of Manica under a license it acquired a few days ago from the South African PanAfrican Resources, Radio Mozambique reported on Saturday. The PanAfrican Resources sold the license to the Australian firm for 52.4 million South African rands (about 36.8 million U. S. dollars) to dig gold in the province. Radio Mozambique quoted the chairman of the PanAfrican Resources, Jan Nelson, as saying the sale of the shares to the Australian company will allow his company to concentrate its mining projects in South Africa, especially at the Baberton gold mine. Terranova Minerals purchased the shares through its Mozambican subsidiary, Auroch Minerals. Apart from the money, Auroch Minerals is to hand 96 million rands over to PanAfrican Resources, which means the latter will still be present in the Manica gold mines, but indirectly. The terms of the sale include an immediate handing of 17.5 million rands and other shares worth 25 million dollars over to PanAfican Resources. The rest will be handed over in four years. Terranova Minerals is involved in gold projects in western Australia.