https://www.engineeringnews.co.za

AngloGold Ashanti completes $820m sale of US mine

AngloGold Ashanti completes $820m sale of US mine

Photo by Bloomberg

4th August 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Dual-listed gold miner AngloGold Ashanti sold its Cripple Creek & Victor mine, in Colorado, to NYSE-listed Newmont Mining Corporation for $820-million in cash.

The sale, which also included a net smelter return royalty, formed part of AngloGold’s $3.1-billion debt reduction strategy.

The sale of the US mine, along with two others in Mali, were part of an "objective to simplify and improve the overall quality of its portfolio".

“AngloGold has, over the past 24 months, taken decisive action to cut overhead expenditure by two-thirds, while improving the quality of its portfolio by bringing into production two new, low-cost mines, selling some assets, closing others and removing lossmaking ounces from ongoing operations,” AngloGold CEO Srinivasan Venkatakrishnan said earlier this year.

The openpit Cripple Creek & Victor mine produced some 211 000 oz of gold and about 110 000 oz of silver in 2014.

The mine was currently implementing its second life extension and production expansion project to increase production from this year on out.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.067 0.118s - 156pq - 2rq
Subscribe Now