WA-based diversified metals miner IGO Limited has completed the $889 million transaction to divest of its 30% interest in the Tropicana Gold Mine to Regis Resources Limited.
The move follows AngloGold Ashanti’s decision to waive its pre-emptive right over the 30% stake in Tropicana, allowing Regis Resources Limited to acquire the stake from IGO.
IGO’s Managing Director and CEO, Peter Bradford said the move will allow the company ‘to pursue its strategic focus on commodities critical to enabling clean energy’, as well as to complete the transaction with Tianqi Lithium Corporation without the need to draw on debt facilities.
“We are delighted to have successfully divested, and now settled, the transaction with Regis to divest our stake in the Tropicana Gold Mine,” Mr Bradford said.
“Tropicana has been a wonderful asset for IGO however, our strategic focus on clean energy metals and pending lithium transaction with Tianqi meant a divestment at this juncture was the best outcome for our shareholders.
“I would like to once again extend our thanks to AngloGold Ashanti, our joint venture partner at Tropicana over the past 18 years, for their collaborative and collegiate approach to operating the Tropicana asset.
AngloGold Ashanti, which owns 70% of Tropicana and is the mine’s operator, announced earlier this month that it had entered into a binding agreement with Regis for the sale of IGO’s 30% interest in the Tropicana Joint Venture, subject to waiving its right to pre-empt the Regis offer on the same price and terms.
“We wish AngloGold Ashanti and Regis all the best for the future,” Mr Bradford continued.
“Finally, I would like to acknowledge the IGO team and our relevant advisors who managed the sales process and delivered an excellent result for our shareholders.”
