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AngloGold, IAMGOLD to sell out of Malian gold mine for US$105M

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AngloGold, IAMGOLD to sell out of Malian gold mine for US$105M

AngloGold Ashanti Ltd. and joint venture partner IAMGOLD Corp. agreed to sell their interests in the Sadiola gold mine in western Mali to Allied Gold Corp.

The companies will each sell their 41% interest in project holder Société d'Exploitation des Mines d'Or de Sadiola SA for a total US$105 million divided equally. The remaining 18% stake is owned by the government of Mali.

Immediately before the transaction closes, the joint venture unit will pay a dividend of US$15 million pro rata to its shareholders. AngloGold and IAMGOLD will each receive US$6.15 million cash and the government will receive US$2.7 million cash.

The deal is expected to finalize by the end of April 2020, according to the Dec. 23 release.