African Consolidated Resources raising $18m, buying Zimbabwe mine

African Consolidated Resources said it plans to raise about $18 million to bring its Pickstone Peerless gold project into production and buy the Dalny Mine in Zimbabwe.

The company has signed a conditional agreement with Falcon Gold Zimbabwe to buy the mine for a total of $8.5 million. The mine, located 56 kilometers from Pickstone, has a processing plant and other infrastructure. The firm said the deal will mean faster gold production at Pickstone.

The Dalny Mine is also close to the firm's Gadzema Gold Project.

African Consolidated Resources said it will raise the $18 million, which will also be used to support general corporate purposes, through a mixture of debt and equity.