AngloGold Ashanti has agreed to sell its Doropo and ABC gold projects in Côte d’Ivoire to Resolute Mining for a total consideration of up to $185m, as part of a strategy to prioritise core development assets in the US.
The sale includes Centamin West Africa, which owns the two assets.
The agreement, which is not subject to completion conditions, has closed. Resolute Mining, which already has an exploration presence in Côte d’Ivoire, will take over full ownership of both projects.
AngloGold Ashanti acquired the assets through its November 2024 purchase of Centamin.
A subsequent portfolio review found that the Doropo Project’s development requirements and competition for capital within the company’s portfolio made it better aligned with an operator focused on West African projects. As a result, the ABC Project, still in the early exploration stage, was also bundled into the divestment.
Under the terms of the agreement, AngloGold Ashanti will also acquire the Mansala Project in Guinea from Resolute Mining. The project, held by Toro Gold Guinée Sarlu, is located adjacent to AngloGold’s Siguiri mine and is expected to be developed as a brownfield extension to support ongoing production.
The acquisition of the Mansala Project remains conditional on the renewal of permits and government approval in Guinea. These conditions must be fulfilled within 18 months of the Côte d’Ivoire deal closing; otherwise, the acquisition will lapse.
AngloGold Ashanti CEO Alberto Calderon said: “This transaction ensures we maintain our focus on disciplined capital allocation and driving efficiencies from our existing portfolio.
“It also ensures these Projects are in good hands, to benefit all stakeholders.”
The consideration for the Doropo Project consists of a $150m cash payment and either the transfer of Mansala or an additional $25m if the acquisition fails to complete within the 18-month window.
The payment will be made in three stages, which are $25m upon completion, $50m after 18 months (plus $25m if the Mansala deal does not proceed), and $75m after 30 months.
For the ABC Project, Resolute Mining has agreed to pay $10m upon declaration of a JORC-compliant 1.0 million ounce Mineral Reserve on existing tenements. AngloGold Ashanti will also receive a 2% net smelter royalty on any gold production from those tenements.
Doropo spans seven exploration permits covering 1,850km2 in northeast Côte d’Ivoire, about 480km from Abidjan. The site includes 13 identified gold deposits, 11 of which are clustered within a 7km area called the Main Resource Cluster.
A definitive feasibility study was completed in 2024, following earlier pre-feasibility work in 2023. Regulatory approval has been secured for the environmental and social impact assessment, and an environmental permit was granted in June 2024.
A mining licence application has been submitted and is currently under review by Ivorian authorities.
The Doropo Project contains a Measured and Indicated Mineral Resource of 0.9 million ounces at an average grade of 1.02 grams per tonne, and an Inferred Resource of 0.3 million ounces at 1.23 grams per tonne.
Proven and Probable Reserves total 1.9 million ounces at 1.53 grams per tonne. Based on the DFS, the mine is projected to produce an average of 167,000 ounces of gold annually over a 10-year life.
The ABC Project, located about 550km northwest of Abidjan and 460km west of Doropo, includes three permits over 1,148km2. It has an Inferred Mineral Resource of 1.6 million ounces at an average grade of 0.98 grams per tonne.
Resolute Mining has stated that the acquisition strengthens its regional strategy in Côte d’Ivoire, a jurisdiction where it already operates and which it describes as an established environment for gold mining.
Resolute Mining managing director and CEO Chris Eger said: “This acquisition marks an exciting new chapter for Resolute. We believe it is a highly accretive transaction that provides a foundation for future value creation for all stakeholders.
“The Doropo and ABC Projects present a compelling opportunity to diversify and increase our production profile in the near term to over 500koz, harnessing our existing exploration presence in Côte d’Ivoire, a highly regarded and established mining jurisdiction.
“The incorporation of a third mining jurisdiction to our portfolio is a pivotal moment, and a firm indication that the company has repositioned itself for growth.”
