AngloGold Ashanti has started a consultation process to restructure its South African operations, with the aim of ensuring that this business could be safely returned to profitability, whilst mitigating job losses.
This restructuring process includes the Kopanang Mine ceasing operations and transitioning to care and maintenance. Subsequent to this announcement and based on unsolicitedexpressions of interest received from a number of parties, AngloGold Ashanti initiated a process to assess the sale of the Kopanang Mine.
In this regard, a memorandum of understanding (MOU) has now been signed with undisclosed selected party. This MOU could result in a sale agreement being concluded with the selected party.
Should the Potential Sale be successfully concluded, this will have a positive impact on the restructuring referred to above. The Kopanang Mine would no longer be placed on care and maintenance but would continue to operate under new ownership.
The Kopanang mine is a large mine located in the northern part of South Africa in Gauteng. Kopanang is also one of the largest uranium reserves in South Africa having estimated reserves of 37.1 million tonnes of ore grading 0.065% uranium.