Registered users can save articles to their personal articles list. Login here or sign up here

AngloGold Ashanti to sell Northern Colombia exploration project

The miner seeks to shift its focus to its other Colombian projects.

South Africa’s AngloGold Ashanti agreed to sell its interest in Northern Colombia Holdings to Royal Road Minerals to focus on its other Colombian exploration projects, it said on Tuesday.

AngloGold, which has the Quebradona and Gramalote greenfields exploration projects in Colombia, said it would sell Northern Colombia, which includes mining concession agreements covering approximately 36 000 hectares and the rights to acquire further mining concessions.

“In Colombia, AngloGold Ashanti will focus on its key projects in the region, particularly Quebradona and Gramalote,” the AngloGold said in a statement.

The agreement with Royal Road Minerals will see AngloGold receive a cash payment of around $4.6 million with further payments amounting to $35 million in total if certain milestones are reached.

AngloGold, which also has operations in South Africa and Australia, said last month it was putting its interests in an Argentine mine up for sale as it looks to focus on operations with a longer shelf life and ability to deliver higher returns. 

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

GO TO SHOP CART

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.17.0.2