Last Updated :
30 December 2009 at 15:20 IST
AngloGold, Lamgold buy stakes in Sadiola mine
MUMBAI (Commodity Online): African gold miners AngloGold Ashanti and Lamgold, each have acquired 3% stakes in Sadiola mine in Mali, owned by the International Finance Corporation (IFC).
The companies will each pay an initial $6-million for their respective 3% stake, followed by contingent payments in 2010, 2011 and 2012 of $250 000 for each year in which the average gold price is higher than $900/oz, or $ 500000 if the average gold price exceeds $1 000/oz.
Trading platform that even a 5 year old can trade. Join nowThey will also pay another $500 000 if and when a decision is made to go ahead with the Sadiola deep sulphide project. Lamgold and AngloGold Ashanti owned 38% each in Sadiola, but have now increased their stakes to 41% each.
NCDEX GARSEDJDRJUN12 20 June 2012
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