Wednesday, 13th October 2004 (2509 views)

Canadian mining firm Placer Dome has announced a new deal whereby it has purchased East African Gold Mines (EAGM) in Tanzania.

The firm was bought at a cost of $252.4 million and the deal was arranged through EAGM's subsidiary Afrika Mashariki Gold Mines.

Under the deal, Placer Dome will be able to mine at three open pit deposits, which are part of the North Mara gold mine, according to The Standard.

Managing director Tim Baker claimed the deal was particularly important since the firm was now the second largest mining interest in Africa.

Placer Dome has successful mining history in the US, Chile, Australia, Papua New Guinea and South Africa.

 

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