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INTERNATIONAL DEALS
International Shearman & Sterling has advised AngloGold Ashanti Limited on its agreement to sell its indirect 33.33% joint venture interest in the Boddington Gold Mine in Western Australia to Newmont Mining Corporation. The sale is worth approximately US$ 1.1 billion. The transaction consists of an initial $750 million cash payment, a further $240 million payable in cash or Newmont stock (or a combination of cash and stock) in December 2009, and a royalty of up to $100 million tied to the Boddington Gold Mine’s future production beginning in the second quarter of 2010. The Shearman & Sterling team advised on US law matters, including on registration rights granted to AngloGold Ashanti to facilitate the immediate resale of any Newmont stock received in the transaction. The sale to Newmont is consistent with AngloGold Ashanti’s strategy of focusing on core controlled assets and realising value from minority non-managed assets. The sale is expected to complete by the end of March pending the finalisation of Newmont's financing, the approval from South African Reserve Bank and the Australian Foreign Investment Review Board and other Australian government agencies and other customary conditions. The Shearman & Sterling team representing AngloGold Ashanti was led by George Karafotias. The team also included partner Richard Price (capital markets, London), counsel Robert Ferguson (capital markets London) and Gabrielle Wong (European finance, London) and associates Rowena van de Grampel (project development and finance, London) and Paul Beck (capital markets, London). Allens Arthur Robinson advised AngloGold Ashanti on Australian law matters.
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