AngloGold, Barrick aim to sell stakes in Mali gold mine

accreditation
0:00
play article
Subscribers can listen to this article
Jack Vearey/ Getty

AngloGold Ashanti and Barrick Gold announced on Monday that they had agreed to sell their effective 80% stake in Morila Gold Mine in Mali to Mali Lithium.

The remaining 20% interest in the gold mine is held by Mali. 

In an update to shareholders, AngloGold said that Morila Gold Mine halted mining operations in 2019, and is currently processing only ore stockpiles. It produced 27 000oz of gold in 2019.

"Mali Lithium, based in Perth, Western Australia, aims to increase sustainable production at Morila Gold Mine as quickly as possible after acquisition," it said. 

The purchase price is estimated by AngloGold to be between $22 million and $27 million, or between roughly R366 million and R450 million at current exchange rates. 

AngloGold said its its share of the net consideration will be approximately US$10 about (R166 million) or less. 

"The closing of the transaction is conditional on, among others, Mali Lithium securing acquisition finance and that the deal be acknowledged without objection by the Government of Mali."

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.45
+0.8%
Rand - Pound
19.96
+0.6%
Rand - Euro
16.82
+0.7%
Rand - Aus dollar
10.85
+0.3%
Rand - Yen
0.13
+0.8%
Gold
1,781.92
+0.7%
Silver
24.31
+2.7%
Palladium
2,073.50
-1.4%
Platinum
1,054.00
+1.1%
Brent Crude
85.08
+0.9%
Top 40
60,348
+0.3%
All Share
66,895
+0.2%
Resource 10
63,203
-0.1%
Industrial 25
85,486
+0.6%
Financial 15
14,008
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
23% - 159 votes
No, I have deleted it
47% - 328 votes
Yes, but I am considering deleting it
30% - 204 votes
Vote