Eldorado Gold has completed the previously announced sale of the São Bento mine in Brazil to AngloGold Ashanti for US$ 70 million payable by the issuance of 2,701,660 ordinary shares of AngloGold. AngloGold Ashanti stated the acquisition of the São Bento mine provides AngloGold Ashanti with the potential to double the scale of the proposed Córrego do Sítio mine, which once developed will significantly enhance AngloGold Ashanti’s Brazilian asset base.
AngloGold Ashanti entered into a letter agreement with Eldorado Gold Corporation to acquire 100% of Eldorado's wholly owned subsidiary, São Bento Gold Limited, which company in turn wholly owns São Bento Mineração S.A. for a consideration of US$70 million to be settled by the issue of AngloGold Ashanti shares to Eldorado. São Bento Mineração S.A. holds the São Bento Mine, a Brazilian gold operation located in the immediate vicinity of AngloGold Ashanti's proposed Córrego do Sítio Mine.
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