Gold and Silver

AngloGold, Iamgold complete Sadiola share sale

AngloGold, Iamgold complete Sadiola share sale
Mining News Pro - Gold miner AngloGold Ashanti and its joint venture (JV) partner Iamgold Corporation, have completed the sale of their interests in Société d’Exploitation des Mines d’Orde Sadiola (Semos) to Allied Gold Corporation.

Semos’ principal asset is the Sadiola mine, in western Mali.

In a statement issued on December 31, AngloGold said that, prior to the completion of the transaction, it and Iamgold each held a 41% interest in Semos, with the remaining 18% interest held by the Mali government.

Pursuant to the transaction, the Mali government has acquired a further 2% interest (1% each from AngloGold and Iamgold) in Semos.

AngloGold and Iamgold each received a cash dividend of $8.2-million, and upon completion of the sale, received $25-million each.

Both companies also received an additional consideration of about $3.6-million, combined, based on the amount by which the cash balance of Semos was greater than the amount agreed to pursuant to the transaction agreement entered into in December 2019.

AngloGold interim CEO Christine Ramon said the completion of the transaction was in line with the company’s disciplined capital allocation strategy as it moves to “streamline [the company’s] portfolio”.

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