B2Gold Corp. acquires AngloGold Ashanti's 50% stake in the Garamalote project for US$60M
October 2, 2023
60.00 Million USD
On September 18, 2023, B2Gold Corp. ("B2Gold") announced its agreement to acquire AngloGold Ashanti's 50% stake in the Garamalote project ('the project') for US$60 million. Upon completion of the transaction, B2Gold will own 100% of the project. B2Gold will be adding 2.11 million gold ounces of Indicated Mineral Resources and 0.74 million gold ounces of Inferred Mineral Resources to the Company's consolidated Mineral Resource base.
The purchase price of US$60 million will be paid in milestones, with US$20 million paid at the closing of the transaction, and the remaining balance to be paid as follows: US$10 million upon B2Gold announcing a construction decision at the project, US$10 million upon commercial production at the project, US$10 million on the first anniversary of commercial production at the project, and US$10 million on the second anniversary of commercial production at the project. The payments to be made with the start of commercial production are subject to commercial production beginning within five years of the closing of the transaction, and no payments will be made if this condition is not satisfied.
B2Gold, headquartered in Vancouver, Canada, is an international gold producer that owns and operates mines in Mali, Namibia and the Philippines.
AngloGold Ashanti, based in Denver, United States, is a global gold mining company that operates across nine countries on four continents.
McCarthy Tétrault advised B2Gold with a team led by Shawn Doyle that included Lama Kahiel (Business).