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AngloGold unit to purchase, treat all ore from trial mining at Matsa's Fortitude

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AngloGold unit to purchase, treat all ore from trial mining at Matsa's Fortitude

Matsa Resources Ltd. said June 6 that AngloGold Ashanti Ltd. unit AngloGold Ashanti Australia Ltd. agreed to purchase and treat all the ore from trial mining at the former's Fortitude gold deposit in Western Australia.

The Fortitude deposit is part of the company's Lake Carey project.

Under the deal terms, Matsa will be responsible for mining and transporting the ore, which will be treated at AngloGold's Sunrise Dam gold mine.

The 3.8 million-tonne-per-annum mill at the Sunrise Dam mine is about 35 kilometers from the Fortitude deposit and provides Matsa with access to a nearby milling solution for its ore, potentially for the long term.

While the deal terms remain confidential, the costs and revenues are entirely consistent with the factors assumed in the trial mining study.

The execution of the agreement will enable Matsa to immediately progress to trial mining at Fortitude at a relatively low capital cost.