AngloGold Ashanti waives pre-emptive right over Tropicana; welcomes Regis as partner
(Kitco News) - AngloGold Ashanti (ASX:AGG) reported today that it has, after careful consideration, decided to waive its pre-emptive right over the 30% stake in the Tropicana gold mine, paving the way for Regis Resources (ASX: RRL) to acquire the stake from current joint venture partner IGO (ASX:IGO).
AngloGold Ashanti owns 70% of Tropicana and is the mine’s operator. On 13 April 2021, IGO announced it had entered into a binding agreement with Regis for the sale of IGO’s 30% interest in the Tropicana Joint Venture for A$903 million.
Completion of the transaction is subject to AngloGold Ashanti waiving its right to pre-empt the Regis Offer on the same price and terms.
“Tropicana is a key asset in AGA’s portfolio. Having decided, in this context and after considerable deliberation to waive our pre-emptive rights, with the sale process behind us we are looking forward to working with Regis to deliver Tropicana’s considerable potential over the coming years,” said Christine Ramon, AngloGold Ashanti’s Interim Chief Executive Officer.
AngloGold Ashanti discovered Tropicana which, with a Mineral Resource of 7.64Moz of gold and Ore Reserve of 2.7Moz, is a key asset in its portfolio and one of Australia’s best gold mining assets.