AngloGold Ashanti (NYSE:AU) has announced an intent to acquire Centamin (OTC:CELTF) in an all-share deal valued at $2.5 billion. The combined entity will be the fourth-largest gold producer globally.
"This transaction will add a Tier 1 asset to our portfolio and is accretive from day one," said AngloGold CEO Alberto Calderon. The acquisition focuses on Centamin's flagship asset, the Sukari gold mine, located in Egypt.
The Sukari mine is considered a Tier 1 asset, having produced over 5.9 million ounces of gold since its launch in 2009. It has a consistent output and low-cost structure with all-in-sustaining costs at $1,290 per ounce.
The mine is also known for its long life, with reserves estimated to last another 20 ...
