Orca Gold Inc. outlined plans to start discussions with the newly established Sudan government on its majority-owned Block 14 gold development, with its share price increasing 7.4% in midafternoon Toronto trading.
The company expressed optimism about the project in July after a coup in April ended former President Omar Al-Bashir's three-decade rule. A transitional government was then formed to run the country for 39 months ahead of general elections, with veteran economist Abdalla Hamdok appointed as the new prime minister.
Orca Gold said Sept. 10 that it will be working closely with the government and investors over the coming weeks to secure financing for mine construction. Initial capital expenditure was estimated at US$328 million by a November 2018 feasibility study.
The company owns a 70% interest in the project, with the government and Meyas Nub Multiactivities Co. Ltd. holding 20% and 10%, respectively.
