AngloGold Ashanti Limited
AngloGold Ashanti Limited
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Colombian-focused explorer Los Cerros has moved to 100% ownership of the Quinchia project in the Mid-Cauca copper-gold porphyry belt after formalising its acquisition of the remaining 49% of AngloGold Ashanti’s interest in the Chuscal JV.
Quinchia, which also includes the Miraflores, Tesorito and Dosquebradas deposits as well as Chuscal, holds JORC-compliant measured and indicated resources of 840,000oz and reserves of 547,000oz.
Six months after COVID-19 disruptions drove it to withdraw its FY2020 gold production guidance, AngloGold Ashanti says improved operating certainty and near-completion of the sale of its South African assets have enabled it to announce new targets for the year.
Interim CEO Christine Ramon says the return of guidance reflects the company’s greater certainty following the success of its operators to limit the pandemic’s impact on production and costs while prioritising the health of employees and host communities.
AngloGold Ashanti has declared commercial production at the Boston Shaker underground mine three months after firing the first production stope, and is now ramping up towards its 1.1Mtpa design production rate expected to be reached by March 2021.
The first underground operation at AngloGold’s 70%-owned Tropicana JV with IGO is forecast to deliver 100,000ozpa gold over seven years from a 317,000oz (2.8Mt @ 3.84g/t) ore reserve, with significant potential to increase at depth.
Harmony Gold Mining is on track to become South Africa’s largest gold producer after concluding its $US300M deal to acquire the Mponeng mine and Mine Waste Solutions business from AngloGold Ashanti.
The deal is expected to close on Sept 30, with Harmony taking full ownership and operation of Mponeng, MWS and AngloGold’s other South African assets and liabilities from Oct 1.
AngloGold Ashanti’s $US300M sale of its remaining South African assets to Harmony Gold is on track to close on the agreed Sept 30 date after the Department of Mineral Resources unconditionally approved the transfer of its West Wits mineral rights.
Harmony will pay $200M cash on completion, with contingent payments on future production.
West Australian miner IGO, the original discoverer of AngloGold Ashanti’s Tropicana gold mine, has floated the option of selling out of its 30% JV interest to focus on commodities relevant to clean energy.
After receiving unsolicited approaches from a number of parties, IGO has launched a strategic review of its holding that will involve detailed technical analysis of opportunities to enhance value through underground development and exploration.
Western Australian explorer/developer Mali Lithium is raising up to $A70M to acquire 80% of the operational, 8.7Moz resource Morila Gold Mine in SW Mali.
The company has binding commitments for $64M via a placement at $0.16cps and another $6M from a share purchase plan to buy the respective 40% ownership stakes held by international majors Barrick Gold and AngloGold Ashanti.
Lithium aspirant Mali Lithium gets new major shareholder in Resolute Mining as part of a $70M raising to secure 80% of the Morila Gold Mine in Mali and is already talking strategeic partnership. By Mark Mentiplay
Little-known Australian explorer and developer Mali Lithium aims to find a new lease of life for the Malian gold project that was once known as Morila the Gorilla after agreeing to pay international giants Barrick Gold and AngloGold Shanti $US22M-plus for their combined 80% stake.
Global majors Barrick Gold and AngloGold Ashanti are selling their respective 40% stakes in the Morila gold mine in Mali, with Australian-based developer Mali Lithium agreeing to pay $US22-27M for the current stockpile and tailings treatment operation.
The deal will be subject to acquiescence by the Mali government, which retains 20% of the project.