AngloGold Ashanti to Acquire Centamin, Expanding Global Gold Production

The Boards of Directors of AngloGold Ashanti and Centamin have announced a proposed acquisition agreement, marking a significant expansion of AngloGold Ashanti’s global gold production.

Centamin, a major gold producer, boasts the Sukari gold mine, one of the largest and most prominent gold-producing mines in the world. This acquisition aligns with AngloGold Ashanti’s strategic goals, strengthening its operational and financial capabilities.

The Sukari mine is expected to increase AngloGold Ashanti’s annual gold production by approximately 450,000 ounces, bringing total global production to over 3 million ounces. With its extensive experience in operating open-pit and underground mines in Africa, AngloGold Ashanti is well-positioned to optimize the Centamin portfolio.

Sukari Mine Development and Community Engagement

AngloGold Ashanti plans to invest in the development of the Sukari mine through further exploration and development activities, both within the Sukari concession area and adjacent blocks. As a responsible mining operator, the company is committed to community engagement and occupational safety, with a strong track record in these areas.

AngloGold Ashanti values the skills and experience of Centamin’s employees, recognizing their importance to the company’s success. As such, the company does not intend to make significant changes to Centamin’s workforce in Egypt or the Ivory Coast.

Acquisition Details

The proposed acquisition values Centamin’s issued and expected shares at approximately £1.9 billion or US$2.5 billion. AngloGold Ashanti CEO Alberto Calderon emphasized that this deal will increase cash flow and net worth, providing opportunities to leverage the company’s expertise in exploration, operational process management, and more.

Unlocking Egypt’s Mining Potential

Centamin CEO Martin Horgan highlighted the exceptional performance of the Sukari mine since its discovery and development in 2009, demonstrating Egypt’s significant mining potential. The acquisition will enable Centamin to benefit from AngloGold Ashanti’s diversified portfolio and expertise in developing and operating large-scale mines in Africa.

Horgan noted that the acquisition will allow Centamin to increase production assets, leveraging AngloGold Ashanti’s proven track record in collaboration with governments and host communities.