JOHANNESBURG (Reuters) - AngloGold Ashanti Ltd <ANGJ.J> has entered into an agreement with B2Gold <BTO.TO> at its Gramalote project in Colombia that will see its Canadian joint venture partner raise its stake and assume management of the project.
AngloGold Ashanti said as part of the agreement B2Gold will fund investment and exploration to the value of $13.9 million at the project next year in return for taking its stake up to 50% and will assume management of the project in January 2020.
B2Gold currently owns a 48.3% stake with AngloGold
Ashanti, which also has operations in South Africa, holding the remaining 51.7%.
"B2Gold has proven itself a strong, experienced player in exploration, feasibility studies and project execution, which makes it an excellent partner for us," said AngloGold Ashanti CEO Kelvin Dushnisky.
(Reporting by Tanisha Heiberg)