Gold major AngloGold Ashanti has agreed to sell a large exploration-stage gold project in Colombia, to Latin American miner Mineros in a deal valued at $10-million upfront.

The transaction will see Mineros acquire a 100% interest in the project through the purchase of all shares in AngloGold Ashanti Colombia, which holds the integrated mining concession for the exploration asset located in the municipality of Cajamarca.

The project, historically known as La Colosa gold project, is a large porphyry-style gold system discovered by AngloGold in 2006.

Under the terms of the agreement, Mineros will pay $10-million in cash at closing, with additional contingent payments of up to $60-million linked to the amount of mineral ore authorised under an approved development plan and environmental licence.

The deal is expected to close in the first quarter of 2026, subject to customary conditions.

The transaction excludes the Quebradona project, which AngloGold Ashanti will continue to advance.

The Tolima exploration asset is located about 150 km west of Bogotá and roughly 30 km west of Ibagué. Exploration activities have largely been suspended since 2017 after force majeure was declared owing to delays in obtaining environmental permits.

A historical mineral resource estimate reported by AngloGold in December 2024 outlined indicated resources of 23.35-million ounces of gold at an average grade of 0.87 g/t and inferred resources of 4.98-million ounces at 0.71 g/t.

Mineros noted that it has not yet verified the historical resource estimate as a current mineral resource and said additional data verification and drilling would be required before any updated estimate could be declared.

The company also indicated that it intends to move away from the project’s historic identity and will work with local stakeholders to establish a new project name as part of its integration strategy.

Mineros said the future development of the project would depend on regulatory clarity, environmental approvals and agreement with local communities.

The La Colosa gold mining concession covers 600 km² of land, which is designated as forest reserve under the Colombian law.

The La Colosa gold project witnessed persistent campaigns by local farmers and activist groups over concerns about economic, environmental and social impacts of the proposed large-scale openpit mine, ever since it was launched in 2007.

In an April 2017 referendum, 98.8% of the residents of Cajamarca voted against the mine construction, which led to the immediate suspension of project activities.