Anglo American, Beadell Resources to Announce Brazilian Agreements
http://blogs.wsj.com/dealjournalaustralia/2012/08/09/anglo-american-beadell-resources-to-announce-brazilian-agreements/
Global miner Anglo American is set to announce a tie-up with Australia-listed gold explorer Beadell Resources, two people familiar with the matter said.
The announcement is expected to see Anglo enter both an off-take and joint-operating agreement, both related to Beadell’s Brazilian Tucano project. Tucano is adjacent to Anglo American subsidiary Anglo Ferrous Amapa Mineracao’s iron-ore mining concession.
Bloomberg News
Cynthia Carroll, chief executive officer of Anglo American In a presentation at the Diggers and Dealers Forum in Kalgoorlie earlier this week, Beadell said off-take negotiations for iron-ore concentrate from gold plant waste were well advanced.
“Assuming the agreement is executed, net income at current iron-ore prices is expected to reduce gold cash operating costs by up to US$170 per ounce, dependent on global iron-ore prices,” Beadell said, estimating annual production of 500,000 tons of iron concentrate with a grade of around 65%.
In the same presentation, the Perth-headquartered company said it was in advanced negotiations regarding a joint-operating agreement which would lower cash costs.
“Assuming it is executed, iron ore mined in the gold pits will be cost reimbursed and are expected to reduce gold cash costs by between US$20 and 30 and ounce dependent on annual tons mined,” Beadell said.
Beadell shares have risen about 18% to 73 Australian cents a share this week, giving the company a market value of A$525 million Australian dollars.
A spokeswoman for Anglo American was immediately unavailable for comment.
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