AngloGold Ashanti (NYSE: AU) has withdrawn from three early-stage projects in Argentina currently held by Canadian junior Latin Metals (TSXV: LMS), citing a shift in the group’s greenfield exploration strategy.
This week, AngloGold provided informed Latin Metals that it plans to terminate its option to acquire a majority interest in the Organullo, Ana Maria and Trigal properties, effective in three months.
The agreement, signed in June 2022, allowed AngloGold to acquire a 75% interest in the projects by making a cash payment of approximately $2.57 million and spending $10 million on exploration within five years. Upon fulfilling these obligations, the companies would form a joint venture. AngloGold also had the right to increase its JV ownership to 80% by delivering a resource estimate and making payments to Latin Metals linked to this gold resource.
To date, AngloGold has invested $3.3 million in…
