AngloGold Ashanti will retain its 40%interest in the Morila mine in Mali, a joint venture with Randgold Resources,since it hasn't found the right price for the mine nearing the end of its life.
AngloGold spokesperson Joanne Jones saidtoday that the company sought to sell its interest in Morila after it conducteda review of assets to determine which operations delivered most value.
Randgold Resources also holds a 40%interest in the mine, and the government of Mali the remaining 20%. Randgoldrecently took over operation of the mine from AngloGold Ashanti.
AngloGold Ashanti believed that smalloperators could typically derive more value from a small asset when itapproached the end of its life, but in Morila's case it hasn't been able tofind the right fit for its interest.
AngloGold is a seller, but not at anyprice, it is a question of finding the right buyer and the right value, shesaid.
Jones elaborated that the company's assetreview was aimed at understanding which assets delivered value for the company,initiating strategies to derive maximum value from it and to strategise aroundassets delivering less value.
Jones said AngloGold Ashanti announced asale process for its Mali assets after the asset review process was concluded.Further details will be released as and when it is appropriate, she said.
Morila production attributable to AngloGoldAshanti for the year ended December 2007 was 5,596kg and 1,257kg in the lastquarter.
The mine produced about 450 000 ounces ofgold last year, but will become a stockpile retreatment business over the nextmonths. It only has production of 1,58m ounces left.