AngloGold buys Sao Bento mine

VANCOUVER–AngloGold Ashanti (AU-N, AGD-L) will get Eldorado Gold’s (ELD-T, EGO-X)Sao Bento mine in Brazil, now on care and maintenance, for US$70 million worth of AngloGold shares tradable on the New York Stock Exchange.

AngloGold wants to use the property to treat ore from its nearby Corrego do Sitio gold project.

As part of the deal, Eldorado gets a right of first refusal over the next three years on any potential sales of the mine by AngloGold.

On the same day, Eldorado announced it had acquired 10% of Brazauro Resources’ (BZO-V, BZOFF-O) shares for $8.4 million. Eldorado purchased 8.8 million units, with each unit comprising a common share at 95 and half a warrant exercisable at $1.30. If it exercises the warrants, each worth one common share, it will own 16% of Brazauro.

Eldorado says it acquired the shares for investment purposes.


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