"Anglogold Ashanti, B2Gold put $925m Gramalote project in Colombia up for sale"

" \r\n \r\n \r\n \r\n \r\n\r\n Anglogold Ashanti, B2Gold put $925m Gramalote project in Colombia up for sale \r\n\r\nCanada\u2019s B2Gold and South Africa\u2019s AngloGold Ashanti have decided to put their $925 million Gramalote gold project in Colombia up for sale before year-end.\r\n\r\nAfter completing a comprehensive\u00a0 review of the alternatives \u00a0for the gold project in the northwestern department of Antioquia, the joint venture partners determined it would be in the best interest of all stakeholders to find a buyer, B2Gold said in\u00a0 its third quarter results report. \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nGramalote was\u00a0 put on hold in August , as preliminary results from an optimized feasibility study suggested the project did not meet the JV\u2019s investment thresholds for mine development.\r\n\r\nVancouver-based B2Gold said that now, with the feasibility study completed, it was clear that divesting Gramalote was the best option for both companies.\r\n\r\nGramalote was B2Gold\u2019s first project when it was an exploration company starting out. In 2015, it received the\u00a0first environmental license\u00a0awarded in Colombia in 35 years.\r\n\r\nThe permit gave it three years to work through social aspects related to the open pit project, including relocating artisanal miners and some nearby residents.\r\n\r\nDuring that time, Gramalote became the centre of a\u00a0 mining rights dispute with Canada\u2019s Zonte Metals , which\u00a0 remains active .\r\n\r\nThe\u00a0project, B2Gold highlighted,\u00a0continues to count on the support of the government as well as from local communities.\r\n Eyes on Quebradona \r\nAngloGold Ashanti\u2019s chief executive Alberto Calder\u00f3n, who\u00a0 assumed the top job in September 2021 , recently said that selling the gold project was the company\u2019s preferred option. He added the move would allow AngloGold to focus on bigger assets, including its $1.4 billion Quebradona gold-copper project, also in Colombia.\r\n\r\nIn May, the country\u2019s environmental regulator, ANLA,\u00a0 refused to reopen the miner\u2019s application \u00a0to the environmental licence for the asset. It cited lack of information on the project\u2019s area of influence as the main reason for the refusal.\r\n\r\nAngloGold, however, has said it plans to resubmit its environmental permit application for Quebradona in 2023.\r\n\r\nThe mine is expected\u00a0to\u00a0be Colombia\u2019s largest copper development, with production estimated at 137 million pounds copper concentrate annually over a 22-year phase one mine life.\r\n\r\nAngloGold has been shifting focus from the home country to more profitable mines in Ghana,\u00a0Australia\u00a0and Latin America as the industry in South Africa dwindles amid power cuts, soaring costs and the geological challenges of exploiting the world\u2019s deepest deposits.\r\n\r\n \r\n \r\n \r\n "

"Anglogold Ashanti, B2Gold put $925m Gramalote project in Colombia up for sale"

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