Anglo Gold And Lamgold Buy`s Stake In IFC Sadiola Mine
Gold-miners AngloGold Ashanti and Lamgold have each bought half of the 6% stake that the International Finance Corporation (IFC) owns in their Sadiola mine, in Mali.
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.
They 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.