End-of-day quote. End-of-day quote  - 01/15
348.98ZAR +0.54%

AngloGold Ashanti, Barrick Conclude Morila Sale to Firefinch

11/11/2020 | 11:39am

AngloGold Ashanti Limited and Barrick Gold Corporation today concluded the sale of their interest in Morila Limited, which owns 80% of the Morila gold mine in Mali, to Firefinch Limited (previously named Mali Lithium Limited) for $28.8 million cash.

The state of Mali continues to hold the remaining 20%.

The net proceeds to AngloGold Ashanti's account will be $3.6 million taking into consideration shareholder loans and intercompany payables.

Firefinch will seek to extend Morila's life by accessing satellite resources and adapting the mine's infrastructure. The company will employ all of Morila's workforce, providing ongoing benefit to the mine's local stakeholders. The mine had been scheduled for closure in 2021.

The sale of Morila is aligned to AngloGold Ashanti's strategic objective of streamlining its portfolio to focus its capital allocation on assets with longer life and lower costs. Since it went into production in October 2000, Morila produced 6.9 million ounces of gold and paid more than $2.5 billion to stakeholders in the form of dividends and taxes. Morila, which was operated by Barrick Gold, transitioned to a stockpile treatment operation in 2009 and began processing tailings in 2013.


Chris Nthite

Tel: +27 11 637 6388


Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and other factors. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2019, which has been filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

(C) 2020 Electronic News Publishing, source ENP Newswire

© Acquiremedia 2021
Copier lien