Under the proposed framework, Basanite will commit $2 million to the project, known as Plant 1, while Eastman Minerals retains 60% ownership and ongoing operational control. The agreement includes a perpetual right of first refusal for Basanite on all future mining and processing projects developed by Eastman Minerals in the region. Both parties have also adopted non-competition and non-circumvention clauses to solidify the partnership.
In section Releases
Basanite Eyes Somaliland Gold With $2 Million Processing Plant Deal
Basanite Inc. has signed a term sheet to acquire a 40% stake in the Goroya Cawl gold processing plant in Somaliland, marking a strategic expansion into the Horn of Africa’s mineral sector. The deal, supported by a $400,000 bridge deposit from the Somali American Minerals Company, targets a final closing within 30 days.
Basanite CEO Ron LoRicco noted that the acquisition serves as a platform for future growth, crediting Adam Falkoff, Hamza Wardere, and Frederick Berndt for facilitating the negotiations. Eastman Minerals Chairman Abdulkadir Mohamed Nur described the collaboration as the foundation for broader, long-term mineral processing operations in Somaliland. The transaction remains subject to final due diligence and the execution of definitive agreements, with no formal guarantee that the timeline will be met.
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