AngloGold Ashanti (JSE: ANG) (NYSE: AU) (ASX: AGG) is buying Egypt-focused smaller rival Centamin (LON: CEY) in a $2.5 billion (£1.9 billion) stock and cash deal that would see the South African gold miner become the world’s fourth largest producer of the precious metal.
The acquisition hands AngloGold the key Sukari mine in Egypt, which is the country’s largest and first modern gold operation, as well as one of the world’s largest producing mines.
The addition of the Sukari mine to its portfolio will increase AngloGold’s annual production by around 450,000 ounces, bringing its total output to 3.1 million ounces. Since production began in 2009, Sukari has produced more than 5.9 million ounces of gold, and has a projected mine life of 14 years.
For the rest of this article: https://www.mining.com/anglogold-ashanti-to-buy-centamin-for-2-5-billion/