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Anglogold, Randgold complete Kibali deal

Miningmx reporter | Wed, 23 Dec 2009 10:32
[miningmx.com] -- ANGLOGOLD Ashanti said it and its joint venture partner, Randgold Resources, had completed the purchase of another 20% in the Kibali gold project, formerly known as Moto Gold, a prospect in the Democratic Republic of Congo.

Some $113.6m was paid for the shares which takes the two companies' stake in Kibali to 90%. The additional shares were bought from the DRC's state-owned gold company, known as Okimo.

The acquisition will be funded equally by Randgold and AngloGold from existing cash resources.

On October 15, Randgold and AngloGold Ashanti, the world's third-biggest mining group, completed the acquisition of Moto Goldmines, owner of 70% of the Moto gold project.

A feasibility study in March envisaged an operation with probable mineral reserves of 5.5 million ounces, which is planned to produce about 2.4 million ounces of gold in its first five years of production.


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