African Gets Remainder Brazil Gold Project

African gold miner AngloGold Ashanti has agreed to acquire the remaining 50% of the Serra Grande gold project from Canada’s Kinross Gold for $220m cash, it says. Serra Grande consists of the Mina III, Mina Nova and Mina Palmeiras mines, an open pit mine and a dedicated processing plant, located in the Brazilian state of Goias. AngloGold, which already holds a 50% stake in the mine, worked with law firm Slaughter and May on the deal and did not use an outside financial advisor, according to the company. AngloGold says the buy will increase annual production from Brazil by more than 500,000 ounces. “We see long-term, lower-risk, potential from Serra Grande, which is a key component of our strategy to grow the contribution from the Americas,” says Mark Cutifani, AngloGold Ashanti CEO, in a statement.