Australian gold miner Regis Resources has reached an agreement to acquire a 30% interest in the Tropicana gold project in Western Australia firm Independence Group (IGO) for $903 million.
Located about 330km north-east of Kalgoorlie, the Tropicana open-pit and underground gold mine is a joint venture between AngloGold Ashanti (70%) and IGO (30%).
IGO managing director and CEO Peter Bradford said the sale of Tropicana was in line with the company’s strategy to focus on commodities critical to clean energy.
He said proceeds from the sale will be used to fund the company’s investment in Australian lithium assets of Tianqi Lithium Cooperation.
“This transaction, along with the recent investment in Tianqi Lithium assets in Australia, solidifies IGO’s position of becoming a globally relevant pure-play battery minerals producer and developer, uniquely exposed to tier-one nickel, copper, cobalt and lithium,” Mr Bradford continued.
“We are extremely pleased with the outcome of the transaction and the assistance of the AngloGold Ashanti for their partnership and support over the last 18 years.
“I would also like to acknowledge the IGO team. To successfully execute the strategic review and associated divestment of Tropicana, while also progressing the investment in the lithium assets of Tianqi in Australia, demonstrates the collective commitment and strength of the IGO Team.”