AngloGold Ashanti sells its stake in Mali gold mine

AngloGold Ashanti Limited has reported that together with its joint venture partner IAMGOLD Corporation, have completed the sale of their entire interests in Society d’Exploitation des Mines d’Or de Sadiola SAto Allied Gold Corp. SEMOS principal asset is the Sadiola Mine located in the Kayes region of Western Mali.

Preceding to the completion of the Transaction, AngloGold Ashanti and IAMGOLD each held a 41% interest in SEMOS with the remaining 18% interest held by the Republic of Mali. Pursuant to the Transaction and immediately prior to Completion, the Republic of Mali acquired a further 2% interest in SEMOS, 1% each from AngloGold Ashanti and IAMGOLD.

Consequently, upon Completion, AngloGold Ashanti and IAMGOLD each sold a 40% interest in SEMOS to Allied Gold Corp.

The Sadiola Mine is situated in south-western Mali, 77km south-southwest of the regional capital Kayes. On-site surface infrastructure includes a 4.9 million tonne per annum carbon-in-leach gold plant, where the ore is eluted and smelted.

The Sadiola Mine commenced production in 1996. As at 31 December 2019, it had a Mineral Resource (100% basis) of 7.76 million ounces (131.4 million tonnes at 1.83 g/t) and an Ore Reserve (100% basis) of 3.85 million ounces (59.8 million tonnes at 2.01 g/t), that comprised of oxide stockpiles, sulphide stockpiles and yet to be mined ore, that makes up the Mineral Resource and Ore Reserve for the SSP.

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