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AngloGold Ashanti and Barrick Gold announced on Monday that they had agreed to sell their effective 80% stake in Morila Gold Mine in Mali to Mali Lithium.
Mali owns the remaining 20% of the gold mine.
In an update to shareholders, AngloGold said that Morila Gold Mine stopped mining operations in 2019 and currently only processes mineral reserves. It produced 27,000oz of gold in 2019.
“Mali Lithium, based in Perth, Western Australia, aims to increase sustainable production at Morila Gold Mine as quickly as possible after the acquisition,” he said.
AngloGold estimates that the purchase price is between $ 22 million and $ 27 million, or between approximately R366 million and R450 million at the current exchange rate.
AngloGold said that its share of the net consideration will be approximately US $ 10 (R166 million) or less.
“The closing of the transaction is conditional, among others, on Mali Lithium obtaining the financing of the acquisition and the Mali government recognizing the deal without objection.”
