Bamako, Mali – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and
AngloGold Ashanti Limited (JSE:ANG)(NYSE:AU)
today concluded the sale of their interest in
Morila Gold Limited, which owns 80% of the Morila gold mine in Mali, to
Firefinch Limited (previously named Mali Lithium Limited) (ASX:FFX) for
$28.8 million cash.
The state of Mali continues to hold the remaining 20%.
Noting that all Morila employees had been re-employed by Firefinch,
Barrick president and chief executive Mark Bristow said the transaction
would benefit the mine’s Malian stakeholders by giving Firefinch the
opportunity to extend its life by accessing satellite resources and
adapting the infrastructure.
The mine had been scheduled for closure in 2021.
Barrick has been the operator of the mine and the sale is in line with
its policy of selling non-core assets to concentrate on Tier One mines
– those with the capacity to produce at least 500,000 ounces of gold
annually for more than 10 years in the lower half of the industry’s
Bristow said Barrick remained committed to its partnership with Mali,
where it owns and operates the Tier One Loulo-Gounkoto gold complex.
The discovery and development of Morila served as the springboard for
the Barrick legacy company Randgold Resources’ expansion into Africa.
Since it went into production in October 2000 it has produced 6.9
million ounces of gold and paid more than $2.5 billion to its
stakeholders in the form of dividends and taxes.
Morila transitioned to a stockpile treatment operation in 2009 and
began processing tailings in 2013.
President and CEO
+1 647 205 7694
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COO, Africa and Middle East
+44 779 557 5271
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Cautionary Statement on Forward-Looking Information
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about 10 x the market cap > ABX should pick up MMY -
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