New York-headquartered investment bank Goldman Sachs has picked up a 6.587% stake in gold developer Toubani Resources (ASX:TRE).
Goldman Sachs is the second largest investment bank globally by revenue, which is about US$108.4 billion ($167.2 billion) – ranking it 35th on the US Fortune 500 list.
The bank bought 16.95 million shares between the end of April and 22 May, paying around $6.5 million.
Goldman Sachs predicts gold will rise to US$3,700 an ounce by the end of 2025 and hit US$4,000 an ounce by mid-2026.
Toubani’s focus this year has been on advancing its 2.2-million-ounce Kobada Gold Project in Mali to a final investment decision in the second half of the year to place it on the path to production in 2026.
In late April, the company – which has a market capitalisation of $78.5 million, received a non-binding and non-exclusive commitment letter for Africa Minerals and Metals Processing Platform to provide a minimum US$160 million debt facility.
Write to Angela East at Mining.com.au
Images: Toubani
