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Nexus terminates gold mining agreement with Xtract Resources in Mozambique

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Nexus terminates gold mining agreement with Xtract Resources in Mozambique

Xtract Resources PLC announced Dec. 12 that its partner, Nexus Capital Holdings PTE Ltd., terminated a collaboration agreement to mine alluvial gold deposits at the Manica gold mining concession in Mozambique.

Under the deal amended in October 2018, the companies agreed to equally share gold revenue and costs related to the project. Following the termination, Xtract said its share of gold revenue and costs at Manica is now 100%.

The company added that alluvial production at the site will not be disrupted. In January, Xtract awarded a mining contractor agreement to Huafei Gold Resources Co Limitada for exclusive rights to mine to the Manica site.