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AngloGold completes sale of Boddington stake

I-Net Bridge | Fri, 26 Jun 2009 10:10
[miningmx.com] -- AngloGold Ashanti, South Africa's largest gold producer, has completed the sale of its indirect 33.33% joint venture interest in the Boddington gold mine in Western Australia to Newmont Mining Corporation.

The acquisition of the stake from AngloGold Ashanti makes Newmont sole owner of the mine, located about 130 kilometers southeast of Perth.

Newmont said it paid about $1.1bn (about R8.9bn) to buy the remaining stake.

AngloGold Ashanti said in accordance with the transaction agreement, first announced in late January, it had received $750m (about R6.1bn) in cash and been reimbursed all contributions made by it to the joint venture from January 2009 amounting to approximately A$225m (about 1.5bn).

It has also paid Newmont $8m (about R64.5m) in respect of its share of working capital as at January 1, 2009, being the valuation date for the transaction.

At the end of May, Boddington was reportedly 96% complete with its mid-2009 start-up and 12-month ramp up still on schedule.

According to Dow Jones newswires, the mine will be Australia's largest gold producer once completed, with an expected capital cost of $2.6bn to $2.9bn.


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