Thursday, April 15, 2021

AngloGold Ashanti, IAMGOLD to sell stake in Mali mine

Headline

tiamin rice

A mining company, AngloGold Ashanti and its joint venture partner, IAMGOLD plan to sell their stake in the Sadiola project in Mali for 105 million dollars as the South African company looks to streamline its portfolio.

AngloGold and IAMGOLD Corporation, which each hold 41 per cent in the asset with the remaining 18 per cent held by Mali’s government, plan to sell their stake in the operation, whose principal asset is the Sadiola Mine, to Allied Gold Corp.

READ  11 minibus taxi drivers shot dead in ambush
READ  COVID-19 vaccination should take place in all countries – AU

Under the deal, which is expected to complete by the end of April, both firms will receive a cash dividend of 6.15 million dollars and the government of Mali will receive a cash dividend of 2.7 million dollars.

READ ALSO: Zamfara gov’t revokes N80billion contracts awarded by Yari

This transaction is in line with our disciplined capital allocation strategy as we move to streamline our portfolio and intensify our focus on assets that have potential to build critical mass in the long term,” said AngloGold Ashanti CEO Kelvin Dushnisky.

READ  Zuma’s corruption trial to start May – Court

AngloGold said in May it would review divestment options for its Mponeng mine and other South African assets to focus on higher returns elsewhere.

Reuters/NAN

Related News

Latest News

cosgrove