AngloGold Ashanti will sell its Mineração Serra Grande gold mine (MSG) in Brazil to Aura Minerals in a bid to optimise its portfolio.
Situated in the state of Goiás, MSG produced 80,000 ounces (oz) of gold in 2024 and currently has workforce of 1674 employees.
AngloGold Ashanti has been stabilising MSG’s operations by decommissioning the legacy tailings storage facility, which is almost complete. However, MSG remains one of the company’s smaller but higher cost operations according to production.
As a result, AngloGold Ashanti will divest MSG to Aura Minerals, a Canadian gold and copper mining company, for $76 million.
AngloGold Ashanti will also receive deferred payments equal to three per sent net smelter returns over the course of MSG’s current mineral resources and reserves.
MSG currently holds a probable mineral reserve of 370,000oz, and the payments will be made on a quarterly basis.
“This sale ensures we further sharpen our focus on capital allocation, operating efficiencies and the optimization of our portfolio,” AngloGold Ashanti chief executive officer Alberto Calderon said.
“We’ve also worked hard to ensure that MSG and its excellent team joins an established company which will continue to be responsible stewards of this asset for the benefit of all stakeholders.”
The transaction with Aura Minerals excludes some subsidiaries of MSG, which hold assets that don’t form part of MSG’s operations. AngloGold Ashanti will keep these by means of a spin-off.
The deal is expected to be finalised during the third quarter of 2025, subject to conditions such as approval from Brazil’s antitrust authority and the decommissioning of the legacy tailings storage facility being completed.
By acquiring MSG, Aura Minerals will bring a third operating gold mine in Brazil under its belt, joining the Alma and Apoena gold mines.
Aura Minerals is also developing three gold projects in Brazil: Matupá, Carajás and Borborema.
The MSG divestment follows AngloGold Ashanti selling the Doropo and ABC gold projects in Côte d’Ivoire, West Africa to ASX-listed Resolute Mining in May to “best to maximise value from the projects”.
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