[miningmx.com] — ANGLOGOLD Ashanti has taken an 11.5% stake in Stratex International, an exploration and development company with mines in Turkey, Ethiopia and Djibouti.
Stratex said on Friday that AngloGold would make a £3m private placement into Stratex and the funds would be used in part to fast-track exploration in the Afar Epithermal Gold Province in Ethiopia and Djibouti.
Stratex was also considering the potential spin-off of its east African exploration assets to attribute valuation to these assets and maximise shareholder exposure.
The board is of the opinion that a spin-off of the east African assets within the next six to 12 months should be given due consideration to maximise shareholder value.
AngloGold Ashanti is already one of the company’s strategic partners. It is working with Stratex on the Megenta epithermal gold discovery in the Afar region of Ethiopia.
“We believe that AngloGold’s clear understanding of the significance of the Afar region as a new epithermal gold province, which is demonstrated by its commitment to fast-track regional exploration, is one of the motivators behind this placement,” said Stratex chairman Christopher Hall.
