AngloGold a step closer to sell U.S. mine

AngloGold Ashanti (NYSE:AU) (JSE:ANG), the world’s third-largest gold miner, is said to have entered second-round talks with two potential partners or buyers for its Cripple Creek & Victor (CC&V) mine in the United States.

According to Financial Times (subs. required), Newmont Mining (NYSE:NEM) and Kinross Gold (NYSE:KGC) (TSE:K) are both involved in the negotiations for part or all of CC&V mine. Iamgold Corp (TSE:IMG) and Goldcorp (TSE:G) (NYSE:IAG) were also mentioned among the companies that have expressed interest for the Colorado gold mine.

In February, Africa’s top gold miner revealed it was planning to sell mines or share capital costs with partners. The move aims to reduce its $3.1 billion of net debt, partly accumulated during the decade-long bull run in gold to 2011. AngloGold shelved a plan to split its South African operations from international assets in September, when investors including hedge-fund billionaire John Paulson balked at the size of an accompanying $2 billion share sale.

The company is also seeking partners for its Obuasi mine in Ghana and Colombian exploration assets.

The post AngloGold a step closer to sell U.S. mine appeared first on @MasterMetals MasterMetals Blog

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