AngloGold Ashanti Divests Côte d’Ivoire Assets in $185m Deal to Pivot Toward US Operations
- AGA Offloads Côte d’Ivoire Mines as It Bets Big on the US
AngloGold Ashanti has agreed to divest its interests in two gold projects in Côte d’Ivoire to Australia-listed Resolute Mining in a deal worth up to $185 million, as it intensifies efforts to streamline its portfolio and reallocate capital toward core operations in the United States.
The transaction includes the sale of Centamin West Africa Holdings Limited, the entity that owns the Doropo and ABC Projects in northeastern and northwestern Côte d’Ivoire, respectively. This strategic exit follows a review of capital deployment priorities after AngloGold acquires Centamin plc in November 2024.
In a concurrent move, AngloGold will also acquire the Mansala Project in Guinea, adjacent to its existing Siguiri mine, from Resolute, pending regulatory approvals in Guinea within an 18-month window. If the acquisition fails to materialise, Resolute will instead make a contingent payment of $25 million to AngloGold.
“This transaction ensures we maintain our focus on disciplined capital allocation and driving efficiencies from our existing portfolio,” said AngloGold Ashanti CEO Alberto Calderon. “It also ensures these Projects are in good hands, to benefit all stakeholders.”
Doropo and ABC Projects: Capital Intensity vs. Strategic Fit
The Doropo Project, described by AngloGold as capital-intensive but non-core, has proven and probable gold reserves of 1.9 million ounces at 1.53g/t and completed its definitive feasibility study in 2024. It spans seven exploration permits across 1,850km² and is expected to yield 167,000 ounces annually over a decade once in production.
However, competition for development capital and a sharper geographic focus on North American assets made divestment the preferred strategy. The project will be sold for $175 million, in three tranches: $25 million upfront, $50 million after 18 months, and $75 million after 30 months. If the Mansala acquisition does not close, the $50 million second tranche will increase to $75 million.
The ABC Project, an early-stage greenfield asset with 1.6 million ounces in inferred resources at 0.98g/t, is being sold for a milestone-linked $10 million and a 2% net smelter royalty, contingent upon a future mineral reserve declaration.
Resolute Mining, which operates the Syama Mine in Mali and the Mako Mine in Senegal, has long-standing operational experience in West Africa. The acquisition aligns with its strategic ambitions to deepen its foothold in the region, leveraging existing infrastructure and exploration synergies.
Portfolio Repositioning: The US Comes Into Sharper Focus
For AngloGold, the transaction is emblematic of a broader pivot. Following its move of primary listing to the NYSE and the relocation of its corporate domicile to the UK, the Johannesburg-born miner has been shifting capital and management focus towards operations in Nevada and the Americas.
Analysts have increasingly viewed AngloGold’s strategy as part of a structural realignment away from Africa, where operational challenges and jurisdictional risks remain elevated compared to North American jurisdictions.
“This kind of capital recycling demonstrates AngloGold’s intent to pursue growth where the risk-reward profile is more aligned with shareholder expectations,” said an investment analyst at a Johannesburg-based asset management firm.
Regulatory Watchpoints and Strategic Flexibility
The Mansala Project, which sits adjacent to AngloGold’s flagship Siguiri operation in Guinea, is expected to be developed as a brownfield’s extension, subject to permit renewals and government approvals. If successfully acquired, it would support Siguiri’s longevity and operational efficiency.
AngloGold has 18 months from May 1 to finalise the deal, or face the fallback clause of a $25 million additional cash payment from Resolute. Industry observers note that the contingent structure offers AngloGold a degree of downside protection, should the Guinea transaction fall through.
With regulatory clearance in Côte d’Ivoire already secured, including environmental permitting for Doropo, the sale’s completion is scheduled for May 1, 2025, with no outstanding conditions.
