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AngloGold Ashanti puts Brazil gold mine up for sale

South African miner AngloGold Ashanti (JSE: ANG) (NYSE: AU) (ASX: AGG) is said to be in talks to sell its Córrego do Sítio gold complex, located in the southeast Brazilian mining state of Minas Gerais.

The gold complex, operated by subsidiary AGA Mineração, consists of one open pit mine and one underground mine, which have been in production since 1989.

The same unit operates the nearby Cuiabá complex, made up of Cuiabá and Lamego underground mines and the Cuiabá and Queiroz plants.

According to local media, gold junior Jaguar Mining (TSX: JAG) is the most likely buyer. The Canadian company already has operations in the vicinity and its main mines are Turmalina and Caeté gold complexes, which produced more than 95,000 ounces of gold annually, combined.

MINING.COM reached out to both AngloGold and Jaguar, but could not confirm the information.

A spokesperson for AngloGold told BNamericas the company was continually reviewing opportunities to improve its asset portfolio. As part of this process, the unnamed person said the company had engaged in conversations with other sectorial players, as it evaluates the best options for Córrego do Sítio.

“At the moment, there are only discussions of proposals and possibilities for the site. There is no conclusion,” the source said.

AngloGold produces around 510,000 ounces of gold in Brazil from its two mining complexes. Together, they account for 15% of the miner’s total global production.

Source: MINING.COM – Read More