Minorco sells gold interests

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."