Kitco News Barrick Gold Corporation NYSEGOLDTSXABX is looking to offload what was once a cornerstone mine in its portfolio.
In an announcement Monday the worlds second largest gold producer and AngloGold Ashanti Limited NYSEAU agreed to sell their combined 80 stake in the Morila gold mine in Mali to Mali Lithium Limited ASXMLL for cash consideration estimated at between 22 million and 27 million depending on closing adjustments.
The sale is subject to certain conditions and needs to be approved by the Mali government which holds the remaining 20 ownership of the gold mine The expectation is that the deal will be closed by October.
Aug 31 2020nbsp018332AngloGold Ashanti and Barrick Gold have agreed to sell their 80 stake in the Morila gold mine in southern Mali to Australian company Mali Lithium Mali government holds the remaining 20 ownership of the gold mine The deal is valued at a.
The company said that Morila which poured its first gold 20 years ago laid the foundation for Barrick legacy company Randgold Resources growth into one of the worlds leading gold miners.
QuotKnown in its heyday as Morila the Gorilla the mine produced 6 9 million ounces of gold and paid more than 2 5 billion to its stakeholders in the form of taxes and dividends the company said quotIt served as the base for Randgolds expansion into Africa among other things through the development of Loulo Gounkoto in Mali and Kibali in the Democratic Republic of Congo Both these mines are now part of Barricks Tier One portfolio quot.
The Mali mine sale also comes after a military coup forced the countrys President Ibrahim Boubacar Keitas to resign The coup came after weeks of protests led by a coalition of political parties and civil society leaders.
AngloGold Ashanti and Barrick Gold have agreed to sell their 80 stake in the Morila gold mine in southern Mali to Australian company Mali Lithium.
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Dec 23 2019nbsp018332The mine one of the three assets AngloGold Ashanti put on the chopping block this year and IAMGOLDs founding asset is also owned by the Malis government which has an 18 interest Sign Up.
Aug 31 2020nbsp018332AngloGold Ashanti and Barrick Gold will sell their effective 80 stake in the Morila Gold Mine in Mali the miners said on Monday as political crisis grips the West African nation after soldiers.
Sep 08 2020nbsp018332Barrick Gold the worlds second largest gold mining company and AngloGold Ashanti the third biggest announced on Aug 31 that the new ownership would bring access to additional resources and a different approach about how the infrastructure could be used to extend the life of the Morila mine operations The sale would free Barrick to.
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