Resolute Mining buys Ivory Coast projects from AngloGold Ashanti

(Alliance News) - Resolute Mining Ltd on Thursday said it has agreed buy two gold projects in Ivory Coast from AngloGold Ashanti PLC for USD150 million in cash, plus a royalty award and the transfer of some mining permits.

Resolute will buy the Doropo and ABC gold projects, paying USD25 million upfront, plus USD50 million 18 months after closing and USD75 million 30 months after closing.

In addition, Resolute will grant AngloGold a 2% royalty over the ABC project, and it will make a USD10 million payment contingent on a feasibility study showing a mineral reserve in excess of 1 million ounces of gold. At present, ABC has an inferred mineral resource estimate of 2.2 million ounces.

Resolute also will transfer to AngloGold all of its exploration permits in Guinea, or pay USD25 million if the transfers can't be completed within 18 months, as they are subject to government approval.

The Doropo project in the north east of the country is the further advanced of the two projects. It is at the definitive feasibility study stage and has a mineral reserve of 1.9 million ounces. Resolute said that, once in production, Doropo will complement its existing operations, the Syama mine in Mali and the Mako mine in Senegal.

Resolute shares were down 1.0% to 23.90 pence in London midday Thursday. AngloGold Ashanti shares were down 3.4% to USD40.74 in the New York pre-market. AngloGold also is listed in Johannesburg, but financial markets in South Africa were closed on Thursday for the Workers' Day holiday.

By Tom Waite, Alliance News editor

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