AngloGold Ashanti (NYSE:AU) sold all their shares in B2GOLD (TSE:BTO), generating
C$70 million from the sale, which was through it wholly owned offshore subsidiary.
The gold miner held 31,556,650 shares in B2Gold, which is based in Vancouver. That was a little over a 10 percent stake in the company.
The shares were sold after the market closed Tuesday.
Anglogold said they're going to use the capital expand exploration in Colombia, especially its Gramalote project. They may also pay down some debt with the funds as well.
B2Gold and AngloGold still remain partners in the Gramalote joint venture, which Anglogold has a 51 percent stake and B2Gold the remaining 49 percent.
Anglogold was trading at $50.83, gaining $2.02, or 4.14 percent at 12:36 PM EST.
Showing posts with label Gramalote. Show all posts
Showing posts with label Gramalote. Show all posts
Wednesday, November 10, 2010
Saturday, May 15, 2010
AngloGold Ashanti (NYSE:AU) La Colosa Gold Mine Water Permits
AngloGold Ashanti (NYSE:AU) has waited two years to resume exploration at its $2.7 billion La Colosa gold project in Colombia, ant that seems to be close to happening, as the effects froms El Nino, which dried up the area, are receding, and it looks like they'll be awarded water permits sometime in July to resume operations.
President of AngloGold’s Colombian division, Rafael Herz, said this about the water situation, “The next step with Colosa is to have water available in order to restart exploration.”
Estimates are the mine will produce as high as 800,000 ounces of gold in its lifetime, which at today's prices would be about $950 million worth of gold. But with gold prices sure to rise over time, that will surely rise above $1 trillion, assuming the estimates are close to being accurate.
AngloGold will invest close to $200 million to explore the gold mine over the next three years.
They also could resume exploration at their Gramalote gold project, also in Columbia, which they joint venture with B2Gold Corp on.
Get these two mining projects going and AngloGold has a solid source of revenue and profits for years into the future, even above their present sources.
President of AngloGold’s Colombian division, Rafael Herz, said this about the water situation, “The next step with Colosa is to have water available in order to restart exploration.”
Estimates are the mine will produce as high as 800,000 ounces of gold in its lifetime, which at today's prices would be about $950 million worth of gold. But with gold prices sure to rise over time, that will surely rise above $1 trillion, assuming the estimates are close to being accurate.
AngloGold will invest close to $200 million to explore the gold mine over the next three years.
They also could resume exploration at their Gramalote gold project, also in Columbia, which they joint venture with B2Gold Corp on.
Get these two mining projects going and AngloGold has a solid source of revenue and profits for years into the future, even above their present sources.
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