AngloGold Ashanti has agreed to divest its stakes in two gold projects in Ivory Coast to Australian-listed Resolute Mining as it pivots its attention to its US portfolio.
The deal, valued at up to $185m (R3.4bn), involves the sale of the Doropo and Archean-Birimian Contact (ABC) projects.
As part of the agreement, AngloGold Ashanti will also acquire Resolute’s Mansala project in Guinea, adjacent to its Siguiri mine, the company said on Thursday.
The Doropo project, in northeastern Ivory Coast, has a big gold reserve of 1.9-million ounces.
It is expected to produce about 167,000 ounces of gold a year for 10 years. With this acquisition, Resolute will take over the project and advance its development.
The ABC project, northwest of Abidjan, has 1.6-million ounces of potential gold resources and opportunities for further exploration.
The deal includes a $150m payment for Doropo, split into three parts. Resolute will also pay $10m for the ABC project once it reaches a gold reserve of 1-million ounces that meets certain industry standards.
If Resolute can’t complete the Mansala project acquisition within 18 months, they will pay AngloGold Ashanti an extra $25m.
The deal is part of AngloGold Ashanti’s strategic efforts to prioritise its core assets in the US, allowing the company to refocus on its key operations and maintain disciplined capital allocation.
The deal follows the company’s November 2024 acquisition of Centamin, which included assets in Ivory Coast.
“We’re maintaining our focus on disciplined capital allocation and driving efficiencies from our existing portfolio,” said AngloGold Ashanti CEO Alberto Calderon. “This deal also ensures these projects are in good hands, benefiting all stakeholders.”
Resolute has extensive experience in West Africa and, according to AngloGold Ashanti, is well-positioned to take over the projects and unlock their full potential. The deal is set to close on May 1.
AngloGold will integrate the Mansala project into its existing Siguiri mine in Guinea, aiming to extend the operation’s life cycle by building on existing infrastructure.
Resolute, which operates the Syama mine in Mali and Mako mine in Senegal, said the deal aligned with its goal to increase annual production and reduce costs.
AngloGold Ashanti, formed in 2004 by the merger of AngloGold and Ashanti Goldfields, in 2023 moved its primary listing to New York — looking to close the valuation gap between the group and its peers, mainly gold mining houses in Canada, Australia and the US.
The group in 2020 sold its last SA mining assets to Harmony Gold for about R4.4bn. While it no longer has any operations left in SA, it has retained a secondary listing on the JSE.
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