Friday, 2nd June 2006 (2856 views)

AngloGold Ashanti has entered a partnership with Bema Gold Corporation in an effort to better utilise its own mineral sources in northern Columbia.

This new venture, entitled Newco, will seek to initially exploit the prospective La Mina and El Pino targets, carrying out at least 3,000 metres of exploration drilling on each site and equalling the amount of investment previously put into exploration by AngloGold.

In return, it will earn 51 per cent of the interest on these projects, while AngloGold has agreed to provide eight sites for exploration at the outset and Bema to provide a minimum of $5 million in funding.

Richard Duffy, AngloGold's executive officer for business development,
commented: "This new relationship with Bema Gold Corporation complements our own dedicated exploration programme in Colombia by ensuring that we optimally fund and explore our extensive land position, partially through this type of partnering strategy, thereby leveraging our first-mover advantage in this highly prospective gold region."

Under terms of the agreement, Newco will be listed on the stock exchange within two years, at which point AngloGold will possess 20 per cent of its listed capital.

This is the latest stage in AngloGold Ashanti's long-held activities in Colombia, where it has been exploring for around seven years and claims to be utterly focused exploring and developing…mineral resources in an environmentally and socially responsible way".

 

« Back to the stories

 

The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.