25 May 2012

AngloGold buys £5.4m Mariana stake

17/11/2011 Robert Tyerman

Major mining group AngloGold Ashanti has bought 19.9 per cent of Argentine-focused Mariana Resources(MARL) in a placing at 12p.

Conditions of the placing, handled by broker RFC for a 5 per cent fee, include a commitment by AIM-quoted Mariana to spend at least 75 per cent of the money on its epithermal gold and silver deposits in the Deseado Massif in southern Argentina's Santa Cruz Province.

Fully-listed AngloGold, which is paying a 41 per cent premium over Mariana's closing price yesterday, now becomes the company's biggest shareholder and will have the right to appoint a non-executive director to the board. Mariana says the placing will help it develop its Las Calandrias deposit, where two target areas alone hold an estimated 519,000 oz of gold equivalent in the same region as AngloGold's somewhat larger Cerro Vanguardia operation, which produces 190,000 oz of gold a year.

John Horsburgh, executive chairman of New South Wales-based Mariana, comments AngloGold's investment supports the company's belief in the prospects for its holdings in the Santa Cruz and will give it access to AngloGold's technical expertise. It will come as a relief to shareholders who have seen Mariana's price tumble from 53.5p to 8.13p during the past year. 

Growth Company Investor highlighted the shares at 4.75p in 2008 before suggesting partial profit taking at 46.5p last year. Now 9.75p, up 1.25p this morning, they could rebound further over the medium term.

Tags: AIM market, AngloGold Ashanti, Argentina, John Horsburgh, Las Calandrias

Sector: Mining

Companies: Mariana Resources

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