HomeCentral AfricaAngloGold Ashanti sets up JV with Okimo

AngloGold Ashanti sets up JV with Okimo

AngloGold Ashanti
CEO Mark Cutifani
Johannesburg, South Africa — MININGREVIEW.COM — 29 March 2010 – Africa’s biggest gold producer “’ AngloGold Ashanti Limited “’ has set up a joint venture with the state-owned mining company of the Democratic Republic of Congo (DRC) to develop its Ashanti Goldfields Kilo project.

“The agreement with Office des Mines d’Or de Kilo-Mito “’ known as Okimo “’ allows AngloGold to move beyond exploration and to begin developing a gold project,” CEO Mark Cutifani said here in a statement to the JSE. “Okimo will transfer 6 000 sq km of exploitation permits in the Ituri district in the north-eastern part of the country to the project,” he added.

AngloGold and Okimo will jointly develop the project through the venture, with the South African company owning 86.2% and the state miner the remaining 13.8%, a company statement explained.

Cutifani said that the agreement allowed the parties the opportunity to generate prosperity for local communities and the country as a whole, which was a critical part of creating a sustainable operating model in the region.

AngloGold Ashanti is also involved in the Kibali project in the DRC in a JV in which it and Randgold Resources each hold 45%, with the balance held by Okimo.