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South Africa’s AngloGold Ashanti announced its decision to sell interests in Northern Colombia Holdings Limited to Royal Road Minerals Limited in order to focus on its other Colombian exploration projects.
AngloGold, which has the Quebradona and Gramalote greenfields exploration projects in Colombia, will sell Northern Colombia Holdings, which includes mining concession agreements covering approximately 36,000 hectares and the rights to acquire further mining Concessions.
“In Colombia, AngloGold Ashanti will focus on its key projects in the region, particularly Quebradona and Gramalote,” AngloGold Ashanti said in a statement.
The agreement with Royal Road Minerals will see AngloGold receive a cash payment of around $4.6 million with further payments amounting to $35 million in total if certain milestones are reached.
AngloGold also announced last month that it is putting interests in an Argentine mine up for sale as it looks to focus on operations with a longer shelf life and ability to deliver higher returns.
