JOHANNESBURG (Reuters) - South Africa’s AngloGold Ashanti agreed to sell its interest in Northern Colombia Holdings Limited to Royal Road Minerals Limited to focus on its other Colombian exploration projects, it said on Tuesday.
AngloGold, which has the Quebradona and Gramalote greenfields exploration projects in Colombia, said it would sell Northern Colombia Holdings, which includes mining concession agreements covering approximately 36,000 hectares and the rights to acquire further mining concessions.
“In Colombia, AngloGold Ashanti will focus on its key projects in the region, particularly Quebradona and Gramalote,” the AngloGold said in a statement.
The agreement with Royal Road Minerals will see AngloGold receive a cash payment of around $4.6 million with further payments amounting to $35 million in total if certain milestones are reached.
AngloGold, which also has operations in South Africa and Australia, said last month it was putting its interests in an Argentine mine up for sale as it looks to focus on operations with a longer shelf life and ability to deliver higher returns.
Reporting by Tanisha Heiberg, editing by Louise Heavens