Last month, AngloGold Ashanti sealed a $2.5 billion deal to acquire Centamin. The move will give the South African company control of Egypt's largest gold mine, which can produce up to 500,000 ounces yearly.
AngloGold Ashanti and Centamin have received approval from the Egyptian competition authority for merging. With this regulatory approval, AngloGold is on track to finalize the deal by the end of the year and become the world's fourth-largest gold producer again.
AngloGold produced 2.74 million ounces of gold in 2022, ranking behind Newmont and Canadian companies Barrick Gold and Agnico Eagle. However, its production fell to 2.6 million ounces last year, and it ranked sixth globally, behind Uzbekistan's NMMC and Russia's Polyus.
By acquiring Centamin and its Sukari mine, AngloGold should increase annual production above 3 million ounces. However, a favorable ruling from a Jersey court is needed for the deal to go through. The $2.5 billion transaction will give current AngloGold shareholders 83.6% of the combined company, while Centamin shareholders will hold 16.4%.
This merger is part of a trend of major acquisitions in the gold industry amid rising gold prices. Last year, Newmont consolidated its position as the top gold producer by acquiring Newcrest in Australia. Last August, Gold Fields from South Africa signed a $1.6 billion deal for Osisko Mining in Canada.
AngloGold Ashanti operates on three continents and manages several mines, including Siguiri in Guinea, Obuasi and Iduapriem in Ghana, and Geita in Tanzania. It also has a 45% stake in Kibali, Africa's largest gold mine located in the DRC.
Since the beginning of this year, gold prices have grown by about 30%, reaching $2,662 an ounce on October 15.
Emiliano Tossou
Omer-Decugis & Cie acquired 100% of Côte d’Ivoire–based Vergers du Bandama. Vergers du Band...
Eritrea faces some of the Horn of Africa’s deepest infrastructure and climate-resilience gaps, lim...
Huaxin's $100M Balaka plant localizes clinker production, saving Malawi $50M yearly in f...
Nigeria seeks Boeing-Cranfield partnership to build national aircraft MRO centre Project aims t...
BCEAO keeps key lending rate at 3.25% and marginal rate at 5.25%. UEMOA growth reaches 6.6%...
Proparco lends $23 million to Sonoco to build a 600-ton/day flour mill in Freetown Project aims to cut flour imports and supply regional...
Move follows delays, stalled investment decision and BP’s earlier withdrawal Government prioritizes domestic gas supply while keeping option for...
World Bank opens first resident representation in Malabo, led by economist Juan Diego Alonso. Mandate focuses on inclusive growth, private-sector...
Government targets broad digital expansion through “Chad Connection 2030” and global partnerships Country remains low in e-government and...
Cameroon’s REPACI film festival returns Dec. 11-13 with 135 short films Events include screenings, masterclasses, panels on social cinema and...
Cidade Velha, formerly known as Ribeira Grande, holds a distinctive place in the history of Cape Verde and, more broadly, in the history of the Atlantic...