AngloGold Ashanti agrees sale of Cote d'Ivoire projects to Resolute Mining
AngloGold Ashanti (AU) has agreed to sell its interests in two gold projects in Cote d'Ivoire to Resolute Mining (RMGGF) as it continues to sharpen its focus on its operating assets and development projects in the U.S. The company will sell Centamin West Africa, or CWAH, which owns the Doropo Project and the Archean-Birimian Contact Project in Cote d'Ivoire, to Resolute. AngloGold Ashanti acquired an indirect interest in the Projects when it acquired Centamin plc in November 2024. There are no conditions to completion of the Sale, which is scheduled to occur on 1 May. In connection with the Sale, AGA will also acquire Toro Gold, which owns the titles to the Mansala Project in Guinea, from Resolute. The Mansala Project is adjacent to AGA's Siguiri mine in Guinea and it is anticipated to be developed as a brownfields project to provide an additional ore source to AngloGold Ashanti's Siguiri operations. The acquisition is subject to several conditions which must be satisfied within 18 months from the completion of the Sale, failing which the acquisition will lapse. The value of the consideration for the sale of the Doropo Project is $175M, comprising a cash payment of $150M, plus either the acquisition of the Mansala Project or an additional amount of $25M if the acquisition cannot be completed within 18 months. The consideration for the sale of the Doropo Project is to be paid in three tranches: $25M in cash on completion of the sale; $50M in cash 18 months after completion of the Sale, plus an additional $25M if the acquisition cannot be completed within those 18 months; and $75M in cash 30 months after completion of the sale. The consideration for the sale of the ABC Project comprises a milestone payment of $10M in cash on declaration of a JORC-compliant 1.0 Moz Mineral Reserve on the current ABC Project tenements, and a 2% Net Smelter Royalty over any gold production from any Mineral Resource on the current ABC Project tenements.
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