ASX-listed Resolute Mining has officially acquired the Doropo and ABC gold projects in Côte d’Ivoire, West Africa from AngloGold Ashanti.
AngloGold first acquired an indirect interest in Doropo and ABC when it acquired Centamin, a gold explorer, in November 2024.
In a bid to “best to maximise value from the projects”, AngloGold decided to sell Doropo and ABC to Resolute for $US150 million ($235 million), comprising an upfront $US25 million cash payment and a $US125 million deferred cash consideration to be paid in two separate instalments.
AngloGold said Doropo’s scale would benefit by being owned by a company that has “the requisite operational focus and financial capacity to advance its development in a timely manner”.
Due to Resolute’s growing focus on the Côte d’Ivoire region, ABC was included in the transaction.
The ABC sale comprised a $US10 million cash payment subject to the declaration of a JORC-compliant one-million-ounce mineral reserve on the current ABC tenements, and a two per cent net smelter royalty for any gold produced from the tenements.
“This transaction ensures we maintain our focus on disciplined capital allocation and driving efficiencies from our existing portfolio,” AngloGold Ashanti chief executive officer Alberto Calderon said.
“It also ensures these projects are in good hands, to benefit all stakeholders.”
AngloGold will also acquire Resolute’s exploration permits in Guinea.
The titles, known as the Mansala project, are adjacent to AngloGold’s Siguiri mine and is expected to be developed as a brownfields project to provide an additional ore source to Siguiri.
Resolute managing director and chief executive officer Chris Eger said the deal with AngloGold “marks an exciting new chapter” for the company.
“We believe it is a highly accretive transaction that provides a foundation for future value creation for all stakeholders,” Eger said.
“The incorporation of a third mining jurisdiction to our portfolio is a pivotal moment, and a firm indication that the company has repositioned itself for growth … The addition of Doropo and ABC fits into Resolute’s strategy of becoming a diversified leading gold producer in Africa with strong growth potential.”