Mining Convention Signed for Mayoko-Moussondji

Equatorial Resources Ltd. (ASX:EQX) has signed a mining convention agreement over its Mayoko-Moussondji iron project in the Democratic Republic of the Congo. The convention defines the fiscal rights and legal obligations of the Congo government and Equatorial in respect to the project.

As quoted in the press release:

The Mining Convention was signed at a ceremony in Brazzaville on 9 December 2014 attended by senior members of the ROC Government and Equatorial’s Managing Director & CEO, Mr John Welborn. Mr Welborn commented that the signature of the Mining Convention for Mayoko Moussondji demonstrated the strong ongoing support received from the ROC Government for Equatorial’s planned development of the Project.

Equatorial CEO John Wellborn stated:

Mayoko-Moussondji is a robust iron-ore project as demonstrated by the recently completed prefeasibility study. Securing the mining convention represents the last required administrative approval and indicates Equatorial has advanced a greenfield acquisition in 2010 to a fully permitted project opportunity. The government’s strong ongoing support will be essential as Equatorial confronts the current difficult market for iron ore and explores financing opportunities.

Click here for the Equatorial Resources Ltd. (ASX:EQX) press release.