Explorer Vector Resources has locked in a $49 million funding deal as it moves to acquire a 60% stake in the 3.2 Moz Adidi-Kanga gold project in Ituri Province in the DRC. The funding, from Dubai-based “diversified conglomerate” Fast Telecom (FT) follows a $28 million debt facility with Medea Future Materials Fund announced in September.

This latest funding would come in three 3 parts — $7 million on legal completion of the Adidi-Kanga acquisition, $14 million on presenting the approved work plan and budget for the project’s DFS and $28 million after the DFS is finalised and a decision to mine had been made.

The finalisation of this debt facility was “a major step” in the acquisition of Adidi-Kanga, Vector CEO Simon Youds said. “The signing of these key agreements is a transformational development for Vector and its shareholders, as it represents a major step in Vector acquiring the majority share of what is a truly world class gold asset,” he said.

Vector intends to develop Adidi-Kanga in joint venture with state gold miner Société de Miniere de Kilo-Moto (SOKIMO). It has a mineral resource estimate of 15 Mt at 6.6 g/t Au for 3.2 Moz of contained gold.

Previous owner AngloGold Ashanti spent more than $728 million on exploration and development activities between 2005 and 2013. This included the start of mine construction activities — including purchase and delivery of major mechanical equipment to site — before the company placed the project on care and maintenance. A 1 Mt/y CIL plant has been designed

“Given the body of work completed to date by AngloGold Ashanti, the Adidi Kanga project is capable of rapid development, and it is our clear intention to immediately commence an accelerated DFS program,” Youds said.