News: RRL UPDATE 1-IGO to sell Tropicana project stake to Regis Resources for $688 mln

(Recasts with IGO statement, adds additional details)

April 13 (Reuters) - Australia's IGO Ltd (IGO) said on Tuesday it would sell its 30% stake in Tropicana gold mine to smaller rival Regis Resources Ltd (RRL) for A$903 million ($688.27 million) following a lengthy review.

The nickel-gold miner kicked off the review last September after receiving unsolicited approaches from a number of interested parties.

"While IGO continues to believe that Tropicana is a high-quality tier-1 gold asset with strong upside potential, it is no longer aligned with our focus on commodities critical to clean energy," IGO Chief Executive Officer Peter Bradford said in a statement.

Proceeds from the sale will be used to fund IGO's investment in the Australian lithium assets of Tianqi Lithium Corp 002466.SZ announced in December.

Global gold miner AngloGold Ashanti ANGJ.J , whose local unit holds the remaining 70% stake in Tropicana, has the right to pre-empt the stake sale.

If AngloGold exercises its pre-emption rights, the deal will not proceed and IGO will instead sell the stake to AngloGold on the same terms as the agreement with Regis.

Regis plans to raise up to A$650 million in equities to fund the acquisition, it said in a separate statement. ($1 = 1.3120 Australian dollars)