Initially, an unhedged $20m fund will be provided by Samsung, which will and later provide additional funding for further exploration and development.
The Kalsaka gold producing mine in Burkina Faso and the Baomahun project in Sierra Leone are the major focus of the broad partnership, where funding from Samsung will enable further development of the projects in addition to joint exploration in the regions.
Cluff Gold chairman John McGloin said that the agreement provided immediate financing support on competitive terms compared to other recent financings without the requirement to hedge any of the company’s current or future gold production.
"More importantly, it also offers a framework for a cornerstone financing in the Baomahun project or other development opportunities, capable of satisfying a significant portion of the total Baomahun financing needs," he added.
