AngloGold Ashanti and IAMGOLD JV Completed Sale of Sadiola Gold Mine

SEATTLE (Scrap Monster): AngloGold Ashanti and its joint venture partner IMGOLD announced that they have completed sale of joint interests in Société d’Exploitation des Mines d’Or de Sadiola S.A., whose primary assets include the Sadiola Gold Mine in Western Mali.

The sale deal to Allied Gold Corp., worth $150 million was announced earlier in December last year, but was delayed on account of several reasons including Covid-19 pandemic spread and the military coup in the country during the month of August.

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Before the transaction, each IMGOLD and AngloGold Ashanti had held 41% interest, with the remaining 18% interest being held by the Republic of Mali. Immediately prior to the completion of the transaction, the Mali government acquired a further 1% each interest from both the joint venture partners, thus making its total interest to 20%. Upon completion of the tyransaction, both joint venture partners have each sold their 40% interest to Allied Gold Corp.

Upon completion both JV partners received $25 million each from Allied Gold Corp and the Republic of Mali. Also, they will receive approximately $1.8 million each of agreed additional consideration, within three business days of completion of the transaction.