Cluff Gold Company said it signed a memorandum of understanding for a long-term calculated partnership with Samsung C&T Corp, which will start with a US$20 million capability in return for mining equipment gold off-take. The US$20 million will be drawn instantly and go towards the company’s stability sheet, whilst make sure Cluff’s Sega project in Burkina Faso leftovers funded during development.
The MoU provides a general framework for the possible long-term funding of the Baomahun gold project in Sierra Leone, subject to the outcome of the possibility study, and other development chances, Cluff said. Samsung C&T, in addition to Hyundai Heavy Industries and Hyundai Corp, bought a 5% stake in the Ambatovy nickel mine in August 2010, while it also formerly owned a 60.8% stake in Kazakhmys plc in 2002, before selling it down in 2004.
