Minorco sells gold interests

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MINORCO, the mining group that is in the process of merging with South Africa's Anglo American, yesterday sold its gold interests to AngloGold, an Anglo subsidiary, for $550m in cash. The long-awaited deal gives AngloGold control of mines in North and South America and exploration activities on both continents.

The acquisition follows a competitive auction which was contested by other gold producers. Hank Slack, chief executive of Minorco (pictured), said: "The sale price puts a value on Minorco's assets, which in the past was not reflected in our share price."