The Globe and Mail reports in its Friday, Feb. 13, edition that unnamed sources say Kinross Gold, Iamgold, Goldcorp and other
Canadian gold miners are lining
up to look at AngloGold Ashanti's prized mine in Colorado. The Globe's Rachelle Younglai writes that
sources say Bank of Montreal is running
the sale of AngloGold's Cripple
Creek & Victor mine and about
a dozen gold mining players
have signed confidential agreements
to look at the operations. AngloGold
is struggling to reduce its $3-billion
debt load. AngloGold says it
is considering a joint venture or
sale of a "key operating asset" to
raise cash, though it did not
specify which mine.
Although Cripple Creek is not
the crown jewel of gold mines, it
is generating excitement among
Canadian gold miners because of
its deep gold reserves and the
fact it is located in a relatively
mining-friendly jurisdiction.
Sources say Kinross and Iamgold are particularly
interested in the mine. Both
companies are under pressure to
improve their portfolios, and
both have the capital to make a
bid. Barrick Gold was invited to
look at the mine, though it is not
expected to make a bid given
that it is looking for ways to
reduce its debt.
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