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Monday, 17th December 2007 (3333 views)

A new gold mining project is expected to begin in the north-eastern region of the Democratic Republic of the Congo (DRC) after the successful completion of a feasibility assessment, according to reports.

The Australia-based Moto Goldmines company, along with other minority shareholders, including the DRC state-owned mining firm Okimo, is now aiming to develop the project and plans to invest hundreds of millions of dollars to this end.

According to a report from Mining Weekly, Moto's most recent feasibility studies showed that there are around 400,000 oz of gold contained within the mine, but a precise timetable of the project's planned development has not yet been drawn up.

"The company is now at a stage where it can start planning the development phase," a statement from Moto explained.

Moto is listed on the London Stock Exchange's Alternative Investment Market and the company counts its projects in the north-east of the DRC as its principal assets.

 

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