South Africa: Anglogold Seeks 100
Percent of Cripple Creek
15 January 2008
Charlotte Mathews

 

GLOBAL gold producer AngloGold Ashanti was offering to buy
Golden Cycle Corporation, its co-shareholder in the Cripple Creek & Victor
Gold Mining Company in the US, for $149m in shares, the companies said
yesterday.

The transaction would increase AngloGold's ownership to 100% of
Cripple Creek, its only US operation, from 67% previously, although it had a
100% interest in the mine's production until the initial loan it made to the
joint venture was repaid. At the end of September the outstanding value of the
loan was $336m.

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