[miningmx.com] – TORONTO- and Johannesburg-listed gold exploration company, Giyani Gold Corporation, said it had signed a letter of intent to buy Horizon Enerji and Sumo Coal in an effort to establish itself in the energy sector.
The deal, which requires Giyani Gold to raise $25m in either debt or equity finance, will give the company control of Horizon’s Ceyhan project, a fully permitted crude oil storage and dry bulk cargo port development in Turkey, and a 100% stake in Sumo which has coal production in South Africa’s Mpumalanga province.
“Giyani has assembled a unique package of energy assets that will mould our company into a major player in the oil services and energy sector,’ said Duane Parnham, executive chairman of Giyani Gold.
Sumo is a major shareholder in Londani Coal, an operation which has 5mt in coal reserves. It also has several projects in Mpumalanga’s coalfields including Panbult and Hartogshof, and a stake in Zambia’s Nampundwe coal project.
