AngloGold Ashanti has purchased the remaining 50% share in the Serra Grande mine from partner Kinross. This gives AngloGold Ashanti 100% ownership of the mine. The transaction increases Anglo's annual production by 70,000 gold ounces per year, ore reserve by 375,000 gold ounces and mineral resource by 1.186 million ounces of gold.
In 2011 the Serra Grande mine produced 134,000 gold ounces for a cash cost of $767 an ounce. Given this cost and the additional 70,000 ounces of gold production, AngloGold Ashanti stands to profit about $50 million in the first year at a property that they were already operating (70,000 * (1500-767)). Taking the selling price of $220 million and the increase to mineral reserves one can't help but speculate on the great deal that AngloGold Ashanti got from Kinross.
Kinross gold corp has been struggling since the acquisition of the Red Back property in 2011. Earlier this year Kinross wrote off approximately $3 billion in goodwill following the purchase. How many more great deals can Kinross offer to the market in order to stay solvent?
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