Location: Mozambique | Resource: Gold
British company Xtract Resources has updated the terms of the contract signed with the Moz Gold Group for the exploration of alluvial gold deposits in the Mozambican province of Manica, under which it started receiving a minimum of 2.25kg of gold at the end of March this year. The Moz Gold Group operates Block M of the western half of the mining concession owned by Xtract Resources. It will have to deliver a minimum of 3.0kg of gold every month until the deposits are depleted, or during the contractual term of 10 years.
The new contract, signed by the 100%-owned Mozambican subsidiary Explorator Limitada, stipulates that the agreed payments will be attributed 40% to Xtract Resources and the remaining 60% to Nexus Capital, under a collaboration agreement signed on 20 June 2017.