- Armadale said Friday it had agreed to sell its Mpokoto gold project to Arrow Mining and African Royalty.

The sale would allow the company to focus on advancing its primary value driver, the high-grade Mahenge Liandu Graphite Project in Tanzania, while ensuring it retained exposure to the development upside of the Mpokoto Project.

Arrow Mining would take over the operations on the Mpokoto Project and agreed to pay Armadale a 1.5% royalty on gold sales achieved once in production.

Sale of the Mpokoto project comes after due diligence and other standard conditions for regulatory approvals had been satisfied, the company said.

'The Board of Armadale is confident that African Royalty and its related parties, who have significant experience of operating in the DRC, represents the best opportunity for Armadale to crystallise the value of the Mpokoto Project and begin receiving returns through the agreed royalty payments on gold sales,' the company added.

At 9:36am: [LON:ACP] Armadale Capital PLC share price was 0p at 0.95p

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