Following the satisfaction of conditions precedent to completion of the transaction, Barrick Gold Corporation (Barrick) and AngloGold Ashanti Limited (AngloGold) (collectively the Vendors)advised that the final acquisition price is US$27.67 million (approximately A$38.4 million). The Vendors own, through subsidiaries, a 100% interest in Morila Limited (a Jersey Company) which in turn owns an 80% interest in Morila SA, the owner of the mine. The Government of Mali owns the other 20% of Morila SA.
The final price was determined with reference to the value of tax credits in the Morila SA accounts, these are estimated to be US$16.79 million and may be available to offset royalty and corporate tax payable in the future.
An adjustment of US$1.2 million has been agreed to account for gold in Dore at Rand Refinery but yet to be paid and gold in fine carbon to be refined in Ghana. The proceeds of gold sales will be paid to Morila SA and be applied to the various growth initiatives to be undertaken at Morila.