06:14 AM EDT, 09/17/2024 (MT Newswires) -- Robex Resources ( RSRBF ) late on Monday said it signed an agreement with the government of Mali that resolves all tax and customs claims for any period prior to Dec. 31, 2023.

Robex operates Mali's Nampala gold mine, which has produced 230,000 ounces of gold since its first gold pour in January 2017.

Under the agreement, the parties will amend the articles of association to allow the government to double its stake in Nampala SA to 20% in preferred share interest.

Robex will work on a shareholder agreement to ensure the nomination of at least two directors on behalf of the government on Nampala's board.

The agreement includes higher revenue-based taxes and royalties with specific exemptions. In particular, the government has agreed to a 2% reduction in revenue-based taxes and royalties to be applied to Nampala, which is expected to offset the cost of fuel imports.

The parties will take the necessary steps to execute the agreement within 90 days.

The company has plans to divest Nampala as it focuses on developing the Kiniero gold project in Guinea, West Africa.

On Monday, Robex's share price gained 1.8% to $2.85, nearing 52-week highs.