Latest news with #AngloGoldAshanti
Yahoo
an hour ago
- Business
- Yahoo
Altius Completes Sale of 2/3 of its Silicon Gold 1.5% NSR to Franco-Nevada
Altius Retains 0.5% NSR interest as Long-Term Portfolio Component ST. JOHN'S, Newfoundland and Labrador, July 23, 2025--(BUSINESS WIRE)--Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) Altius Minerals Corporation ("Altius") is pleased to announce that Altius Royalty Corporation ("ARC"), a wholly-owned subsidiary of Altius, has completed the sale of a 1% NSR royalty covering the Silicon and Merlin gold deposit discoveries in Nevada ("1% NSR Silicon Royalty") to a wholly owned subsidiary of Franco-Nevada Corporation ("Franco-Nevada") (TSX & NYSE: FNV) ("The Transaction"), pursuant to a royalty purchase agreement entered into by ARC and Franco-Nevada (the "Agreement"). ARC will continue to hold a remaining 0.5% NSR royalty interest in Silicon (recently renamed to the Arthur Gold Project by AngloGold Ashanti plc ("AGA") as a long-term component of its diversified portfolio. The purchase price for the 1% NSR Silicon Royalty interest is US$ 275 million (~ C$ 375 million) comprised of US$ 250 million in upfront cash paid at closing and a further payment of US $25 million in cash payable upon the conclusion of an ongoing arbitration process that confirms the area subject to the royalty under final award to be consistent with Altius's interpretation of the partial award of the arbitration tribunal that was issued and reported on earlier this year. The Board of Directors of Altius has received a fairness opinion from Cormark Securities Inc. which opinion concluded that, based upon and subject to the assumptions made, procedures followed, matters considered, limitations and qualifications set out therein, the consideration to be received by ARC pursuant to the Transaction is fair, from a financial point of view, to ARC. Brian Dalton, CEO of Altius commented, "We are pleased to partner with Franco-Nevada on this royalty, which encompasses AGA's world-class Silicon and Merlin gold deposit discoveries in Nevada, as well as extensive areas of prospective surrounding land. The Transaction crystallizes significant value for shareholders while further demonstrating the ability of Altius's Project Generation business to amplify the return profile of its overall royalty investment portfolio. The decision to retain a third of our Silicon royalty interest also provides continuing growth exposure to this emerging gold district, while confirming the addition of precious metals as a long-term, well-balanced component of our shareholder's diversified royalty portfolio. We now look forward to the ability to explore a wider set of capital allocation and deployment opportunities, facilitated by a considerably strengthened balance sheet and liquidity profile, and to further growing shareholder value." Anticipated Benefits to Altius Shareholders Capital Allocation Opportunities Cash, after taxes and fees, expected to increase to more than C$ 360 million (assumes up front and further payment proceeds from this Transaction and also from the recent acquisition of Orogen Royalties Inc. by Triple Flag Precious Metals Corp.) Total liquidity increased to more than C$ 540 million (including C$ 116 million available under a revolving credit facility and C$ 62.5 million potentially available under an accordion feature) Creates enhanced flexibility to evaluate external M&A opportunities while limiting equity level dilution of existing assets and the embedded growth potential of our portfolio Improves ability to opportunistically increase per share exposure to existing royalty interests through share repurchases Retained Royalty Exposure Continuing optionality exposure to gold resource growth1 from current ~16 Moz resource estimate at the Arthur Gold Project, as AGA continues aggressive exploration and delineation drilling programs and the reporting of encouraging results Achieves rebalance of commodity exposures while confirming precious metals and another tier-1 quality royalty as components of Altius's long-term, diversified portfolio. For further information, please see the updated Altius corporate presentation posted to the website at 1 See Expanded Silicon Project Update presentation Financial and Legal Advisors Cormark Securities Inc. is acting as financial advisor to Altius. Stikeman Elliott LLP is acting as legal counsel to Altius and ARC. About Altius Altius's strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with global growth trends including increasing electricity based market share within energy usage, global infrastructure build and refurbishment growth, increased EAF based steelmaking, steadily increasing agricultural fertilizer requirements and the enhanced appetite for financial asset diversification through precious metals ownership. These macro-trends each hold the potential to cause higher demand for many of Altius's commodity exposures including potash, high purity iron ore, renewable energy, base metals, and gold . In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for royalties and that has a demonstrated track record of driving outsized direct returns from its overall royalty investment portfolio. Altius has 46,315,304 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices and the S&P/TSX Canadian Dividend Aristocrats Index. Forward Looking Information This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. The information in this news release about the any anticipated benefits of the transaction to Altius Shareholders, timing and results of the ongoing arbitration process in respect of the Silicon royalty and possibility of ARC being paid contingent consideration of US$25 million following conclusion thereof, and any other information herein that is not a historical fact may be forward looking information. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations. View source version on Contacts For further information, please contact:Flora WoodEmail: Fwood@ Tel: 1.877.576.2209Direct: 1.416.346.9020 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
an hour ago
- Business
- National Post
Altius Completes Sale of 2/3 of its Silicon Gold 1.5% NSR to Franco-Nevada
Article content ST. JOHN'S, Newfoundland and Labrador — Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) Altius Minerals Corporation ('Altius') is pleased to announce that Altius Royalty Corporation ('ARC'), a wholly-owned subsidiary of Altius, has completed the sale of a 1% NSR royalty covering the Silicon and Merlin gold deposit discoveries in Nevada ('1% NSR Silicon Royalty') to a wholly owned subsidiary of Franco-Nevada Corporation ('Franco-Nevada') (TSX & NYSE: FNV) ('The Transaction'), pursuant to a royalty purchase agreement entered into by ARC and Franco-Nevada (the 'Agreement'). ARC will continue to hold a remaining 0.5% NSR royalty interest in Silicon (recently renamed to the Arthur Gold Project by AngloGold Ashanti plc ('AGA') as a long-term component of its diversified portfolio. Article content Article content The purchase price for the 1% NSR Silicon Royalty interest is US$ 275 million (~ C$ 375 million) comprised of US$ 250 million in upfront cash paid at closing and a further payment of US $25 million in cash payable upon the conclusion of an ongoing arbitration process that confirms the area subject to the royalty under final award to be consistent with Altius's interpretation of the partial award of the arbitration tribunal that was issued and reported on earlier this year. Article content The Board of Directors of Altius has received a fairness opinion from Cormark Securities Inc. which opinion concluded that, based upon and subject to the assumptions made, procedures followed, matters considered, limitations and qualifications set out therein, the consideration to be received by ARC pursuant to the Transaction is fair, from a financial point of view, to ARC. Article content Brian Dalton, CEO of Altius commented, 'We are pleased to partner with Franco-Nevada on this royalty, which encompasses AGA's world-class Silicon and Merlin gold deposit discoveries in Nevada, as well as extensive areas of prospective surrounding land. The Transaction crystallizes significant value for shareholders while further demonstrating the ability of Altius's Project Generation business to amplify the return profile of its overall royalty investment portfolio. The decision to retain a third of our Silicon royalty interest also provides continuing growth exposure to this emerging gold district, while confirming the addition of precious metals as a long-term, well-balanced component of our shareholder's diversified royalty portfolio. We now look forward to the ability to explore a wider set of capital allocation and deployment opportunities, facilitated by a considerably strengthened balance sheet and liquidity profile, and to further growing shareholder value.' Article content Anticipated Benefits to Altius Shareholders Article content Capital Allocation Opportunities Article content Cash, after taxes and fees, expected to increase to more than C$ 360 million (assumes up front and further payment proceeds from this Transaction and also from the recent acquisition of Orogen Royalties Inc. by Triple Flag Precious Metals Corp.) Total liquidity increased to more than C$ 540 million (including C$ 116 million available under a revolving credit facility and C$ 62.5 million potentially available under an accordion feature) Creates enhanced flexibility to evaluate external M&A opportunities while limiting equity level dilution of existing assets and the embedded growth potential of our portfolio Improves ability to opportunistically increase per share exposure to existing royalty interests through share repurchases Article content Retained Royalty Exposure Article content Continuing optionality exposure to gold resource growth 1 from current ~16 Moz resource estimate at the Arthur Gold Project, as AGA continues aggressive exploration and delineation drilling programs and the reporting of encouraging results Achieves rebalance of commodity exposures while confirming precious metals and another tier-1 quality royalty as components of Altius's long-term, diversified portfolio. Article content For further information, please see the updated Altius corporate presentation posted to the website at 1 See Expanded Silicon Project Update presentation Financial and Legal Advisors Cormark Securities Inc. is acting as financial advisor to Altius. Stikeman Elliott LLP is acting as legal counsel to Altius and ARC. Article content About Altius Article content Altius's strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with global growth trends including increasing electricity based market share within energy usage, global infrastructure build and refurbishment growth, increased EAF based steelmaking, steadily increasing agricultural fertilizer requirements and the enhanced appetite for financial asset diversification through precious metals ownership. These macro-trends each hold the potential to cause higher demand for many of Altius's commodity exposures including potash, high purity iron ore, renewable energy, base metals, and gold . In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for royalties and that has a demonstrated track record of driving outsized direct returns from its overall royalty investment portfolio. Altius has 46,315,304 common shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is a member of both the S&P/TSX Small Cap and S&P/TSX Global Mining Indices and the S&P/TSX Canadian Dividend Aristocrats Index. Article content This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. The information in this news release about the any anticipated benefits of the transaction to Altius Shareholders, timing and results of the ongoing arbitration process in respect of the Silicon royalty and possibility of ARC being paid contingent consideration of US$25 million following conclusion thereof, and any other information herein that is not a historical fact may be forward looking information. In certain cases, forward-looking information may be identified by such terms as 'anticipates', 'believes', 'could', 'estimates', 'expects', 'may', 'shall', 'will', or 'would'. Although Altius believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations. Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Flora Wood Article content Email: Article content Article content Article content
Globe and Mail
10 hours ago
- Business
- Globe and Mail
Can AngloGold Ashanti Maintain Its Strong Free Cash Flow Growth?
AngloGold Ashanti plc ( AU ) delivered an impressive seven-fold increase in free cash flow to $407 million in the first quarter of 2025. The jump in free cash flow was primarily attributed to higher gold prices, which added $544 million, while increased volumes accounted for a further $246 million. Gold production and sales from managed operations were bolstered by the first-time contribution from the recently acquired Sukari Gold Mine in Egypt and solid output improvements at both Siguiri and Tropicana. Net cash inflow from operating activities was $725 million in the quarter, marking a 188% increase year over year from $252 million. This strong performance was primarily driven by a on higher prices and sales volumes. However, some of these gains were offset by higher volume-related operating costs, reduced dividends from joint ventures and increased tax payments. After accounting for capital expenditure, loan repayments from Kibali and dividends paid to non-controlling shareholders, AngloGold Ashanti generated a free cash inflow of $403 million. The company closed the quarter with approximately $3.0 billion in liquidity, including $1.5 billion in cash and cash equivalents. Adjusted net debt fell 60% year over year to $525 million, with the adjusted net debt-to-EBITDA ratio improving to 0.15x from 0.86x. AngloGold Ashanti remains focused on maintaining a strong and flexible balance sheet. In 2024, the company had also demonstrated strong performance with free cash flow reaching $942 million, up 764% from 2023, primarily due to favorable gold pricing. For 2025, AngloGold Ashanti projects gold production of 2.9-3.225 million ounces, indicating 9–21% growth over the prior year. Higher production, combined with the rally in gold prices this year as well as the company's efforts to lower costs, is expected to drive further gains in cash flow this year. Newmont Corporation NEM achieved a record first-quarter free cash flow of $1.2 billion, marking a significant turnaround from a negative $74 million in the same period a year ago. This substantial improvement came on the back of Newmont's enhanced operational efficiency and the strength of its Tier 1 portfolio. Strong free cash flow positions Newmont to strengthen its balance sheet and pursue strategic growth investments. Barrick Mining Corporation B reported a free cash flow of $375 million for the first quarter, a nearly 12-fold year-over-year rise. The surge reflects Barrick's higher operating cash flows driven by an uptick in realized gold and copper prices. Barrick reduced net debt by 5% during the quarter, leveraging healthy free cash flow generation. AU's Price Performance, Valuations & Estimates AngloGold Ashanti's stock has skyrocketed 125% year to date, outperforming the Zacks Mining – Gold industry's 54.2% growth. During this time, the Basic Materials sector has risen 13.6% and the S&P 500 has rallied 6.8%. AU is currently trading at a forward 12-month earnings multiple of 10.49X, a discount to the industry average of 12.46X. The stock has a Value Score of B. The Zacks Consensus Estimate for AngloGold Ashanti's 2025 sales is $8.85 billion, indicating 52.8% year-over-year growth. The consensus mark for the year's earnings is $4.99 per share, indicating year-over-year growth of 125.8%. The Zacks Consensus Estimate for 2026 sales implies 2.3% year-over-year growth. The same for earnings indicates a decline of 1.3%. EPS estimates for 2025 and 2026 have been trending north over the past 60 days, as seen in the chart below. AU currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report AngloGold Ashanti PLC (AU): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report
Yahoo
a day ago
- Business
- Yahoo
HMY's Copper-Gold Pipeline Takes Shape: Can Execution Deliver Growth?
Harmony Gold Mining Co. Ltd. HMY is positioning itself for long-term growth through disciplined execution of two transformative development projects — the Wafi-Golpu copper-gold project in Papua New Guinea (PNG) and the Eva Copper project in Wafi-Golpu project is believed to be a game-changer for the company, with an estimated gold reserve of 13 million ounces. This Tier 1 asset, which is core to HMY's long-term strategy, is among the world's largest copper-gold block cave projects. HMY is currently in negotiations with its joint venture partner, Newmont Corporation NEM, and the PNG Government regarding the terms of a Mining Development Contract, which is required for a Special Mining Lease. The permitting of the project is on low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY acquired Eva Copper in 2022, adding a tier-one mining jurisdiction to its portfolio. The acquisition is in line with HMY's objective of transitioning into a low-cost gold and copper mining company. The feasibility study update for the project is currently underway. Eva Copper is expected to produce 55,000-60,000 tons of copper per copper-gold assets are central to HMY's strategy of diversification beyond South African gold operations. Harmony's paired focus on Wafi-Golpu and Eva Copper, if executed on schedule, uniquely positions it to deliver transformative growth. Among its peers, AngloGold Ashanti plc AU is executing a clear strategy of organic and inorganic growth. Obuasi remains a significant pillar of AngloGold Ashanti's long-term strategy. AngloGold Ashanti's focus this year is to continue the implementation of the underhand drift and fill mining method and make stoping improvements. At Siguiri, efforts are underway to improve mining volumes through ongoing improvements to fleet availability and utilization. Gold Fields Limited GFI is advancing its high-grade Windfall project in Quebec, targeting 300,000 ounces of gold annually. Gold Fields acquired 100% ownership of the Windfall project through the completion of its acquisition of Osisko Mining in October 2024. Gold Fields is focused on obtaining the required environmental approvals for full-scale construction and mining. HMY's Price Performance, Valuation & Estimates Shares of Harmony Gold have rallied 64.9% over a year against the Zacks Mining – Gold industry's rise of 33.4%, thanks to a surge in gold prices. Image Source: Zacks Investment Research From a valuation standpoint, HMY is currently trading at a forward 12-month earnings multiple of 5.26, a roughly 56.3% discount to the industry average of 12.04X. It carries a Value Score of B. Image Source: Zacks Investment Research The Zacks Consensus Estimate for HMY's fiscal 2025 earnings implies a year-over-year rise of 190.8%. The EPS estimates for fiscal 2025 have been trending higher over the past 60 days. Image Source: Zacks Investment Research HMY stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM) : Free Stock Analysis Report AngloGold Ashanti PLC (AU) : Free Stock Analysis Report Gold Fields Limited (GFI) : Free Stock Analysis Report Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
The Guardian
3 days ago
- The Guardian
Families torn apart, charges of kidnap and theft: how plans for a giant mine have sown distrust and unrest in the hills of Jericó
Argiro Tobón, 60, rolls up his sleeves above hands covered in fresh earth. Before him lie the green pastures of Jericó, Colombia, a landscape cultivated by hands like his for generations. 'Look at the beauty of this place,' says Tobón, fondly known as 'Mister'. 'This is the paradise they want to destroy,' he says. 'If we have to go to prison, so be it.' Tobón, who has spent years harvesting coffee beans, is among 11 local farmers and environmental activists facing a lawsuit initiated by the South African mining company AngloGold Ashanti. Accused of kidnapping, theft and personal injury, they were charged after a series of protests against the company's proposed Quebradona copper mine, which activists believe poses a serious threat to the environment and agrarian economy. The conflict between the company and regional communities has been escalating since the end of 2023. The kidnapping charge stems from an incident that year, when a group of protesters disrupted an unauthorised excavation by AngloGold, contacting the mayor's office, police and local ombudsman, and stopping the miners working. A similar incident in 2023 involved more than 150 farmers entering private land where AngloGold was drilling, removing machinery and handing it over to the authorities. This led to charges of theft and later of personal injury, after a miner was bitten by a farmer's dog. Quebradona is mainly a copper mine that also has notable gold and silver deposits. Marketed as a long-lasting, high-grade and low-cost underground operation, it aims to become Colombia's largest copper mine, boosting the regional economy, creating a large number of jobs and enhancing infrastructure. The company's target is to produce about 1.4m tonnes of copper, 1.4m ounces of gold and 21.6m ounces of silver over more than 20 years. The drilling planned for the project would extend beneath a landscape rich in biodiversity, with 232 species of birds and 59 mammal species recorded. The fertile soil forms the economic backbone of a region that is among Colombia's top coffee-producing areas. Yet, for many, Quebradona's promised yield does little to offset the project's potential effect on the ecosystem. Miguel Ángel Cáceres, a geologist who works for Terrae, an environmental monitoring organisation tasked with an independent review of AngloGold's impact evaluation, says: 'There are very serious concerns about potential water contamination caused by the project, the generation of waste sands and the release of toxic metals.' Cáceres raises concerns about the company's existing environmental impact studies, claiming AngloGold's attempts to minimise the risks of the Quebradona project are dishonest. 'They claim there are no underground water sources in Jericó, which is a lie,' he says. 'They also claim there are impermeable boundaries in the area that will contain the impact of the mine to a single point, which is also untrue.' According to Cáceres and hundreds of residents who have protested against the mine, drilling could deplete Jericó's natural sources of groundwater, cutting off the freshwater springs that supply the region's wildlife, agriculture and drinking water. 'We are at risk,' says Rubiel Darío Arango, 46, a farmer from the community of Palocabildo. 'How will our parents and families live if the water is not protected?' The farmers also allege that the legal charges levelled against them are 'disproportionate' and 'out of context' and that AngloGold intends to silence those who oppose the Quebradona project. Ana María Gallega Patiño, one of the lawyers defending the activists, says: 'This is an exercise in intimidation. They are trying to intimidate people through criminal proceedings to delegitimise the protests and discourage further action.' Protesters presume that, with its exploration licence set to expire in December, AngloGold is growing increasingly desperate to get permission to mine with an exploitation licence from Colombia's National Authority for Environmental Licences (ANLA). A previous application was suspended in 2021 due to a lack of data. 'If people don't go out to protest, the company can more easily carry out their exploration,' says Gallega Patiño. In a five-page statement, AngloGold Ashanti asserts that the Quebradona copper project in Jericó is in the exploration phase and fully compliant with Colombian law, declaring that no aquifers are present and that scientific studies indicate groundwater and surface water would not be affected. The company also says the project does not overlap with prohibited zones. The company says that it respects peaceful demonstrations and denies engaging in illegal exploration, alleging that the protests involved acts that disrupted public order, caused property damage and interfered with its mining operations. It also emphasises its efforts to engage the community, along with plans for a revised environmental impact study, which includes 42 piezometers to monitor groundwater and states its responsibility to protect resources and improve its operations. Today, CCTV cameras peer down from tall trees that line the perimeter of the prospective mine. The gate bristles with signs that read 'Private property' and 'You are being filmed'. Protesters are facing not only a backlash from AngloGold but also opposition from within their communities. Fernando Jaramillo, leader of the Environmental Table of Jericó, sips a black coffee in the town's central square. 'This is a town that conserves its architecture, traditions, religion, politics and calm way of life. All of this is beginning to fracture,' says Jaramillo, an outspoken critic of AngloGold, who has seen how the company's arrival has divided the community. 'A person who supports the company could attack any one of us. I was stabbed right here,' he says, referring to Jericó's main square. Tobón agrees. While tensions rarely erupt into violence, the mining project has frayed the social fabric of a once tightly knit community, he says. 'Families are divided, siblings against siblings, children against parents,' Tobón says, adding that his own family was divided, with his sister supporting the mine. Jhon Jairo Henao, a former councillor and spokesperson for Jericoanos con Visión, a local group supporting the Quebradona project, says he and his colleagues face insults from anti-mine protesters, who call them sellouts. Henao sees the project as an opportunity to create jobs and attract much-needed investment. 'If this project were to become a mine, it could generate around 35bn pesos [£6.5m] annually for Jericó through royalties, not including what it would generate through taxes, which would earn over 3bn pesos annually,' he says, arguing that the majority of Jericó's inhabitants are behind the mining project. AngloGold has invested heavily in Jericó, funding educational and environmental initiatives that have helped shift many residents in favour of the project. Others have benefited financially from leasing their land to the company for mining exploration. 'There are some people who are in favour of the mine. More than anything, this is largely due to the power of money. Money buys consciences,' says Rodolfo Tobón, another of the 11 farmers facing prosecution. So far, AngloGold continues its legal actions against the protesters. On 16 June, Argiro Tobón and his companions left the Jericó court to cheers and applause from a crowd after a judge ruled they would not be placed under house arrest during the trial. Despite this initial victory, a long road lies ahead for the accused farmers. With the full extent of the legal process yet to come, their fate, and that of the land they have worked for decades, remains undecided. 'Goliath was never strong enough to defeat David,' Porfirio Garcés, another of the 11, says into a microphone the day after the hearing. At 86 years old, he is the oldest of the accused. 'I don't think I'll live in peace until AngloGold is gone.'
