AngloGold Ashanti has signed a farm-in agreement with smaller rival Saracen Minerals for the latter's Butcher Well and Lake Carey tenements in Western Australia.
Under the agreement, AngloGold will earn a 51 per cent interest in the mines, in return for investing at least $15 million in project expenditure. It will get an additional 19 per cent interest by spending a further $10 million within two years of the first agreement expiring.
The Saracen tenements are located west of AngloGold's Sunrise Dam gold mine, and are complementary to its existing tenement package.
Share
