BTG - B2Gold AngloGold to put Gramalote project in Colombia up for sale

B2Gold ( NYSE: BTG ) and AngloGold Ashanti ( NYSE: AU ) said Wednesday they will put their $925M Gramalote gold project in Colombia up for sale before the end of the year.

After completing a comprehensive review of the alternatives for the project, the joint venture partners decided "the interests of all stakeholders would be best served" by finding a buyer, B2Gold ( BTG ) said in its Q3 earnings report .

Gramalote was put on hold in August, as preliminary results from an optimized feasibility study suggested the project did not meet the investment thresholds for mine development.

AngloGold ( AU ) CEO Alberto Calderon had said previously that selling the project was the company's preferred option and would allow it to focus on bigger assets, including its Quebradona gold-copper project, also in Colombia.

B2Gold's ( BTG ) stock price return shows a 23% YTD loss and a 28% decline during the past year .

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