- May 28, 2004
Viking Ashanti Ltd (VKA) is an explorer and developer of gold mine deposits in West Africa, specifically Ghana. Projects were acquired through agreements with subsidiaries of Resolute Mining Limited to acquire Associated Gold Fields Pty Ltd, which had projects in Ghana, and various Australian and Ghanaian subsidiaries holding respective exploration licenses. Resolute Group retains about a third of VKA's equity. These properties are located in the Ashanti Gold Belt of Ghana and includes the Akoase East gold project with an inferred 500,000 oz gold resource. By acquiring AGF, Viking Ashanti will control all of Resolute’s Ghanaian gold projects by holding a 90% interest in 3 Ghanaian subsidiaries. The remaining 10% is held by the Government of Ghana, which under the Minerals and Mining Act is entitled to a 10% interest (free carried) in any mining operation.