Australian company Desert Metals has agreed to acquire Côte d’Ivoire-based CDI Resources Limited (CDI).

Under the deal terms, Desert Metals will issue a total of 75,000,000 fully paid ordinary shares to the shareholders of CDI (CDI Vendors).

CDI, through its subsidiaries CDI Minerals and CDI Lithium, holds interests in seven gold and lithium projects in West Africa.

These projects, which cover an area of 2,769km², comprise granted mineral permits and permit applications.

The projects include the Tengrela South gold project; the Adzope gold project and Agboville lithium project in south-eastern Côte d’Ivoire; the Vavoua and Vavoua West gold projects in central-west Côte d’Ivoire; and the Kounahiri and Kounahiri West gold projects in central Côte d’Ivoire.

Desert Metal managing director Robert Stuart said: “CDI has an impressive portfolio of highly prospective gold and lithium projects in Côte d’Ivoire, including, in particular, the Tengrela South project in the multi-million-ounce Syama-Boundiali greenstone belt.

Source: Mining Technology