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Vancouver-based mining firm Thor Explorations Ltd has announced the acquisition of the remaining 30% stake in the Douta Gold Project in Senegal from its joint venture partner, International Mining Company SARL. This move grants Thor 100% ownership of the project, strengthening its position in one of West Africa’s key emerging gold regions.
Under the terms of the binding sale and purchase agreement, Thor will pay USD 3 million in cash—half upon signing and the rest upon completion. Additionally, the deal includes a 1.5% Net Smelter Royalty, capped at USD 60 million.
In a parallel move, Thor has also acquired a 65% joint venture stake in the Bousankhoba Exploration Permit (EL02254), which lies adjacent to its Douta West permit. Early exploration in this area has revealed multiple geochemical targets along an 18-kilometre shear zone, pointing to further mineral potential. The agreement includes a two-year exploration commitment and an initial $160,000 payment within six months.
Thor’s CEO, Segun Lawson, highlighted that full ownership of the Douta Project would allow for streamlined development and better economic leverage ahead of the Senegalese government’s 10% free carried interest. He also noted progress on the project’s Preliminary Feasibility Study.
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These strategic moves come amid growing international interest in West Africa’s mining sector, driven by the region’s untapped geological prospects. While governments maintain a stake in mining ventures, they continue to weigh economic development against environmental and community considerations. Thor’s latest expansions reflect a broader trend of mining companies solidifying long-term operations in Africa, though such ventures remain subject to market volatility, regulatory pressures, and local engagement dynamics.