AngloGold Ashanti plc has agreed to sell its interests in two gold projects in Côte d’Ivoire to Resolute Mining Limited (“Resolute”) as it continues to sharpen its focus on its operating assets and development projects in the United States.
The company will sell Centamin West Africa Holdings Limited (“CWAH”), which owns the Doropo Project and the Archean-Birimian Contact (“ABC”) Project in Côte d’Ivoire, to Resolute, which has extensive operational experience in West Africa (the “Sale”).
AngloGold Ashanti acquired an indirect interest in the projects when it acquired Centamin plc in November 2024. Following a Company review to determine how best to maximise value from the projects, it was determined that the scale of the Doropo Project, as well as competition for capital with other development projects in the AngloGold Ashanti portfolio, meant it would benefit more from ownership by a company with the requisite operational focus and financial capacity to advance its development in a timely manner.
Given Resolute’s focus on Côte d’Ivoire, the ABC Project, an early-stage exploration project has been included as part of the Sale.
“This transaction ensures we maintain our focus on disciplined capital allocation and driving efficiencies from our existing portfolio,” said AngloGold Ashanti CEO Alberto Calderon.
“It also ensures these projects are in good hands, to benefit all stakeholders.” There are no conditions to completion of the Sale, which is scheduled to occur on 1st May 2025.
In connection with the Sale, AGA will also acquire Toro Gold Guinée Sarlu (“TGG”), which owns the titles to the Mansala Project in Guinea, from Resolute (the “Acquisition”).
The Mansala Project is adjacent to AGA’s Siguiri mine in Guinea and it is anticipated to be developed as a brownfields project to provide an additional ore source to AngloGold Ashanti’s Siguiri operations.
The acquisition is subject to several conditions, including the renewal of the TGG permits and the approval of the Government of Guinea. Such conditions must be satisfied within 18 months from the completion of the sale, failing which the acquisition will lapse.
The value of the consideration for the sale of the Doropo Project is US$175 million, comprising a cash payment of US$150 million, plus either the acquisition of the Mansala Project or an additional amount of US$25 million if the acquisition cannot be completed within 18 months as described above.
The Doropo Project, which comprises seven exploration permits, covering an area of approximately 1,850km2, is in the northeast of Côte d’Ivoire, approximately 480km north of Abidjan. The licence covers 13 gold deposits, 11 of which are concentrated within a 7km radius and are referred to as the Main Resource Cluster.
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