Photo by: Bloomberg
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.