EcoGraf (ASX:EGR) has started a farm-in agreement with AngloGold Ashanti Holdings, a unit of AngloGold Ashanti, for the Golden Eagle project in Tanzania, according to a Wednesday filing with the Australian bourse.
Under the deal, AngloGold Ashanti may acquire 70% of the project by proving $9 million in capital expenditures in five years, with EcoGraf having a 30% stake.
Shares of the company rose 4% in recent Wednesday trade.
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