JOHANNESBURG (miningweekly.com) – JSE-listed gold producer AngloGold Ashanti has completed the sale of its 33,33% interest in the Boddington gold mine, in Western Australia, to US-based Newmont Mining.

AngloGold Ashanti reported that it had received $750-million in cash and that it had been reimbursed for all its contributions made to the Boddington joint-venture from January 1, 2009, amounting to about A$225-million. It also paid Newmont $8-million in respect of its share of working capital as at January 1, 2009, being the valuation date for the transaction.

Newmont  would pay $240-million in cash, shares or a combination of both, in December 2009, and a royalty on future gold sales from Boddington.

The royalty has been set at 50% of the average realised operating margin, if any, above $600/oz, on one-third of gold sales from Boddington.

AngloGold Ashanti reported that the royalty was payable in each quarter from and after the second quarter in 2010, if the threshold was achieved and subject to an aggregate cap of $100-million in royalty payments.

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