JOHANNESBURG (miningweekly.com) – Dual-listed gold miner AngloGold Ashanti on Tuesday said it has received interest from an unnamed company for the buy-out of the gold miner’s stakes in its joint venture (JV) mines in Mali.
AngloGold aimed to dispose of its 41% stake in Sadiola and its 40% stake in Yatela – both JV operations with Canadian miner Iamgold –
which produced a respective 85 000 oz and 11 000 oz of attributable gold in 2014.
“AngloGold Ashanti confirms that it has been approached by a potential buyer who meets its qualifying criteria and a binding bid has been requested,” AngloGold CEO Srinivasan Venkatakrishnan said in an update to shareholders.
The move was in line with the gold major’s strategy of simplifying and improving the overall quality of its portfolio, while reducing its net debt levels and improving cash flow generation over the next two to three years.
The gold miner was also seeking a JV partner or buyer for its Cripple Creek and Victor surface mining operation, in the US.
The mine, which produced 211 000 oz of gold in 2014, was currently implementing its second life extension and production expansion project to increase production from 2015.
“AngloGold has, over the past 24 months, taken decisive action to cut overhead expenditure by two-thirds, while improving the quality of its portfolio by bringing into production two new, low-cost mines, selling some assets, closing others and removing lossmaking ounces from ongoing operations,” Venkatakrishnan commented.