16/12/08

South Africa-based miner AngloGold Ashanti (NYSE: AU) completed the US$70mn purchase of Brazil`s São Bento Gold Company, previously owned by Canada`s Eldorado Gold Corporation, AngloGold Ashanti said Monday.

The outstanding balance of the purchase was settled through the issuance of 2.70mn AngloGold Ashanti shares, the company said in a statement.

According to the company, the acquisition provides the South African miner the potential to double production at the Córrego do Sítio mine, located in Brazil`s Minas Gerais state, to 200,000oz/y.

Prior to the acquisition, Córrego do Sítio was expected to produce 100,000oz/y over 14 years. Production is projected to commence in mid-2011.Business News Americas

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