AN: AngloGold, Randgold increase interest in Moto project
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AngloGold, Randgold increase interest in Moto project
By Shanna | December 23, 2009
AngloGold Ashanti announced in a statement yesterday that, together with Randgold Resources, it has completed the transaction to acquire a further 20% stake in the Kibali Gold Project (formerly the Moto Gold Project).
Following their October announcement of the planned purchase, AngloGold has subsequently completed the acquisition for approximately US $113.6 million from L’Office des Mines d’Or de Kilo-Moto (OKIMO), which belongs to the Government of the Democratic Republic of the Congo (DRC). AngloGold and Rangold’s stake in the project has now been increased to 90%.
AngloGold Ashanti and Randgold will each own an equal share in the 90% interest in Kibali, and the DRC will maintain involvement as OKIMO will keep the remaining 10% interest. The Kibali Gold Project is in the north-east of the DRC and has an area of approximately 1 836 km² with considerable mineral resources and growth potential.
