AngloGold Ashanti to sell Northern Colombia exploration project

Royal Road Minerals

05/03/2019 13:17

JOHANNESBURG, March 5 (Reuters) - South Africa's AngloGold
Ashanti  ANGJ.J  agreed to sell its interest in Northern
Colombia Holdings Limited to Royal Road Minerals Limited  RYR.V 
to focus on its other Colombian exploration projects, it said on
Tuesday.
    AngloGold, which has the Quebradona and Gramalote
greenfields exploration projects in Colombia, said it would sell
Northern Colombia Holdings, which includes mining concession
agreements covering approximately 36,000 hectares and the rights
to acquire further mining concessions.
    "In Colombia, AngloGold Ashanti will focus on its key
projects in the region, particularly Quebradona and Gramalote,"
the AngloGold said in a statement.
    The agreement with Royal Road Minerals will see AngloGold
receive a cash payment of around $4.6 million with further
payments amounting to $35 million in total if certain milestones
are reached.
    AngloGold, which also has operations in South Africa and
Australia, said last month it was putting its interests in an
Argentine mine up for sale as it looks to focus on operations
with a longer shelf life and ability to deliver higher returns.
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 (Reporting by Tanisha Heiberg, editing by Louise Heavens)
 ((Tanisha.Heiberg@thomsonreuters.com; +27117753034; Reuters
Messaging: tanisha.heiberg.thomsonreuters.com@reuters.net))