Loading ...AngloGold Ashanti (NYSE: AU) (JSE: ANG) and partner Barrick Gold (TSX: ABX) (NYSE: GOLD) are selling their 80% stake in Mali’s Morila gold mine amid political uncertainty in the country still reeling from a recent coup, the second in less than 10 years.
Australian miner Mali Lithium (ASX: MLL) will pay between $22 million and $27 million for the joint company that holds the two miners’ stakes in the mine. The remaining 20% will stay in the government of Mali’s hands.
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AngloGold expects its share of the net consideration for the purchase to be roughly $10 million or less, the company said.
Barrick said the move would allow it to focus on its strategy of “discovering, developing, owning and operating Tier One assets.”
AngloGold, Barrick to sell 80% of Morila mine in conflict-ridden Mali