A majority stake in Morila Gold Mine will be sold to Mali Lithium. The deal is expected to be completed in October.

SMM9, June 1 -: AngloGold Ashanti and its partner Barrick Gold are selling an 80 per cent stake in Morila Gold to Mali Lithium, an Australian miner, saying the deal is expected to be completed in October.

Australian miner Mali Lithium will pay about $2200-$27 million, with the remaining 20 per cent of Morila owned by the Malian government.

AngloGold expects to receive a consideration of $10 million or less.

Barrick said the deal helped it focus on exploration and development, holding and operating first-tier assets.

The Morila mine stopped operations last year, but stocks of ore continue to be processed., Mali Lithium said it plans to restart the mine as soon as possible.

The mine is expected to produce about 26350 ounces of gold between November and the second quarter of next year.

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