Anglogold Ashanti Sells 50% Interest in Gramalote Project for Up to $60 Million

By Ian Walker

AngloGold Ashanti is selling its 50% indirect interest in the Gramalote project in Colombia to B2 Gold Corp for up to $60 million as part of a plan to focus on projects it intends to develop.

The South African gold miner said Monday that it will receive $20 million in cash upon the sale closing, which is expected by the end of this year. The rest of the money will be paid depending on project construction and certain production milestones being met.

Upon completion B2 Gold will have full ownership of the project.

"This sale will help increase our focus on our operating assets the projects we intend to develop," Chief Executive Alberto Calderon said.

"AngloGold Ashanti remains a committed, long-term investor in Colombia with our exciting Quebradona copper and gold project and we look forward to playing a key role in developing a modern, responsible mining sector in the country."

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

September 18, 2023 03:30 ET (07:30 GMT)

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