AngloGold Ashanti and Barrick Gold to sell 80 percent stake in Morila Gold Mine

AngloGold Ashanti and Barrick Gold plan to sell its stakes in Morila Gold Mine to Mali Lithium.

AngloGold Ashanti and Barrick Gold have agreed to sell their 80 percent stake in the Morila Gold Mine in Mali to Australian-based Mali Lithium.

According to a statement from AngloGold Ashanti, the transaction is consistent with the mine’s strategy of rationalising its portfolio to focus its capital and other resources to maximise returns to its shareholders and other stakeholders.

Morila Gold Mine halted mining operations in 2019 and is currently processing only ore stockpiles. Mali Lithium said that it aims to increase sustainability production at Morila Gold Mine as quickly as possible after acquisition. 

“Under the new ownership structure, the mine has the potential to utilise existing infrastructure to access additional resources and extend the life of the mine using different planning and evaluation criteria, benefiting Morila’s in-country stakeholders,” the statement read. 

Mali Lithium is expected to pay between $22 million and $27 million, with the final amount depending on the closing balance of tax credits in Morila SA.