AngloGold Ashanti Ltd. (NYSE: AU) and Randgold Resources Ltd. (NASDAQ: GOLD) are planning a move into Congo to boost their reserves. The Congo jungle is one of the mining industry’s final frontiers. As metals close at record prices and global reserves decrease, right now seems like a good time to acquire additional resources.
The deposit within the Democratic Republic of Congo contains around $22 billion worth of gold at current prices. However the deposit is in an area torn apart by fighting between the government and the rebel group a.k.a. the Lord’s Resistance Army. More than 5 million have been left dead in the last 10 years of fighting in the area. AngloGold and Randgold have agreed to pay about $520 million to its owner for the property.
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About AngloGold Ashanti Ltd.
AngloGold Ashanti Limited (AngloGold Ashanti) is a global producer of gold. AngloGold Ashanti has 21 operations and a number of exploration programs in gold-producing regions of the world. During the year ended December 31, 2008, the Company produced 4.98 million ounces of gold from its operations. AngloGold Ashanti’s main product is gold. Revenue is also derived from the sales of silver, uranium oxide and sulphuric acid. The Company sells its products on international markets. In December 2008, AngloGold Ashanti completed the purchase of Sao Bento Gold Company Limited and its wholly owned subsidiary, Sao Bento Mineracao S.A. from Eldorado Gold Corporation. Effective July 1, 2008, the Company acquired Golden Cycle Gold Corporation. As a result, AngloGold Ashanti indirectly acquired 100% ownership of Cripple Creek & Victor Gold Mining Company.
About Randgold Resources Ltd.
Randgold Resources Ltd. is engaged in gold mining, exploration and related activities. Its activities are focused on West and East Africa. In Mali, it has an 80% controlling interest in the Loulo mine through Societe des Mines de Loulo S.A. The Loulo mine is mining from two open pits and one underground mine, and is developing a further underground mine. The Company also owns 50% of Morila Limited, which in turn owns 80% of Morila SA, the owner of the Morila mine in Mali. In addition, it owns an effective 84% controlling interest in the development-stage Tongon project located in Cote d’Ivoire. It owns an effective 83% controlling interest in the Massawa project in Senegal. It also has exploration permits and licenses covering substantial areas in Mali, Cote d’Ivoire, Burkina Faso, Ghana, Senegal and Tanzania. As of April 30, 2009, the Company declared proven and probable reserves of 8.87 million ounces attributable to its percentage ownership interests in Loulo, Morila and Tongon.
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