Sale of Union Reefs assets
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| Tuesday, August 10, 2004 |
AngloGold Ashanti Australia Limited has reached agreement to sell its Union Reefs Gold Mine (URGM) assets in the Northern Territory to the Burnside Joint Venture.
The Burnside Joint Venture, comprising subsidiaries of Northern Gold NL (50%) and Harmony Gold Mining Company Ltd (50%), has agreed to pay AngloGold Ashanti total consideration of A$4 million for the assets. Settlement will occur within one month from today.
Completion is conditional only on the obtaining of all consents and approvals required by applicable laws or the requirements of the Australian Stock Exchange, including without limitation the approval of the Minister to the transfer of the Mining and Exploration tenements pursuant to the NT Mining Act.
The URGM assets include a conventional 2.8 Mtpa CIL processing plant, the URGM single persons quarters in the town of Pine Creek and mining and exploration tenements.
The Burnside Joint Venture will assume all future obligations associated with the assets including remaining site rehabilitation and reclamation.
AngloGold Ashanti completed mining at Union Reefs in the third quarter of 2003 and the treatment plant has been on care and maintenance since milling ended in October 2003. |
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