Xtract, Nexus amend mining agreement

Xtract Resources and Nexus Capital have agreed to revise the terms of their collaboration agreement for the exploitation of alluvial gold deposits at the Manica project, in Mozambique. The parties in February agreed that the alluvial gold interest would be developed jointly through the appointment of third-party contract miners, who would have the exclusive right to mine unconsolidated alluvial deposits on specified areas of the mining concession area. Xtract chairperson Colin Bird on Tuesday said the addendum represents a practical working arrangement between the two companies.