Signature of the MOU between Dynacor and Ansong Askew Ltd. at the Mining in Motion summit in Accra
Dynacor Group Inc. (TSX: DNG) is delighted to announce the signing of a Memorandum of Understanding (MOU) joint venture agreement with Ansong Askew Ltd. (Ansong-Askew) in Ghana.
The MoU establishes a framework for planning, due diligence, and strategic alignment toward establishing a commercial partnership, with the objective of formalising a Joint Venture Agreement (JVA) in Ghana’s gold processing sector.
The strategic collaboration is designed to explore and develop mutual business opportunities that will not only benefit stakeholders of both organizations but also contribute to the regulation of Ghana’s artisanal mining sector, enabling the Ghana Gold Board and miners to work together seamlessly.
The partnership seeks to leverage Dynacor’s long-standing expertise in traceable, scalable processing of artisanal gold ore with Ansong-Askew’s commercial network and influence.
The Ghana Gold Board is a new governmental entity that is responsible for regulating, overseeing, monitoring, and managing the purchasing, assaying, refining, and exporting of artisanal and small-scale gold in Ghana.
Under the 12-month MoU, both parties agree to explore the effective use and integration of their technical, commercial, and strategic capacities with the intent to collaborate in good faith towards a JVA.
A subsequent agreement will define the structure, equity participation, capital contributions, governance model, and profit-sharing terms of the joint venture, where Dynacor will hold a majority position.
“This MoU marks the first serious step in a promising partnership within Ghana, the country where artisanal mining is greatest in Africa,” the President and CEO of Dynacor, Jean Martineau, noted.
“We are excited to explore the opportunities ahead and look forward to the meaningful impact this partnership will have on our shareholder value-creation plans and on the artisanal gold mining sector in Ghana.”
“The signing of this MoU recognises the strategic synergies between Dynacor and Ansong-Askew, and our shared commitment to promoting government-permitted, environmentally friendly artisanal gold processing in Ghana,” the Managing Director of Ansong-Askew, Elena Ansong, stated.
“Together, we aim to develop a robust collaboration that enhances Ghana’s position as a leader in the gold mining industry.”
The Corporation is currently attending the Mining in Motion summit in Accra, where it has held multiple discussions with the Ghana Gold Board and with players in the artisanal mining sector.
Building on the MoU and extensive relationships built, Dynacor will look to purchase a land concession or a future processing plant in a location informed by its geological sampling, meetings, and research.
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