{"id":643621,"date":"2024-09-11T00:00:00","date_gmt":"2024-09-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/anglogold-ashanti-to-buy-centamin-in-usd-2-5-bn-transaction-in-bid-to-acquire-egypts-sukari-mine\/"},"modified":"2024-09-11T00:00:00","modified_gmt":"2024-09-11T00:00:00","slug":"anglogold-ashanti-to-buy-centamin-in-usd-2-5-bn-transaction-in-bid-to-acquire-egypts-sukari-mine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/anglogold-ashanti-to-buy-centamin-in-usd-2-5-bn-transaction-in-bid-to-acquire-egypts-sukari-mine\/","title":{"rendered":"AngloGold Ashanti to buy Centamin in USD 2.5 bn transaction in bid to acquire Egypt\u2019s Sukari mine"},"content":{"rendered":"

Egypt\u2019s largest gold mine is about to get a new owner:<\/strong> NYSE-listed global miner AngloGold<\/a>Ashanti<\/a> will buy Egypt-focused LSE- and TSX-listed Centamin<\/a> in a cash and share transaction valued at around USD 2.5 bn, the two companies said yesterday (here, pdf<\/a> and here<\/a>). The acquisition will give AngloGold \u2014 the sixth largest gold miner in the world \u2014 ownership of the Centamin-run Sukari mine in Egypt, one of the world\u2019s largest gold mines. <\/p>\n

The details: <\/strong>The transaction values Centamin shares at GBP 1.63 \u2014 equivalent to USD 2.14 \u2014 marking a premium of around 37.6% to its average price during the 30 days leading to 9 September. Centamin shareholders will receive nearly 0.07 new AngloGold shares for each Centamin share and USD 0.13 in cash. Once the transaction is completed, AngloGold shareholders will own about 83.6% of the company, while Centamin investors will hold approximately 16.4%.<\/p>\n

Why Anglogold thinks it\u2019s struck gold: <\/strong>The Johannesburg-headquartered AngloGold describes Sukari as a \u201cworld-class Tier 1 asset\u201d boasting competitive operating costs and promising development potential. The mine incurred total cash costs of USD 970 per ounce and all-in sustaining costs of USD 1.2k per ounce in 2023. The takeover \u201coffers enormous geological potential\u201d that AngloGold is \u201cvery well placed to develop,\u201d the company\u2019s chairman Jochen Tilk said.<\/p>\n

The acquisition will instantly elevate AngloGold\u2019s portfolio: <\/strong>Sukari will add about 450k ounces to AngloGold\u2019s annual production, pushing it past 3 mn ounces and making it the world\u2019s fourth largest gold producer. The Sukari gold mine, which is Centamin's flagship asset, will add another key gold-producing region to AngloGold's portfolio, which currently spans nine countries<\/a> \u2014 Tanzania, the Democratic Republic of Congo, Ghana, Guinea, Australia, the US, Brazil, Argentina, and Colombia.<\/p>\n

What\u2019s next?<\/strong> The acquisition is yet to receive Centamin shareholder and regulatory approvals. Centamin shareholders are scheduled to vote on the transaction at the end of October for the transaction to be finalized before year end. <\/p>\n

M<\/strong>arket reax:<\/strong> Centamin shares rose 22.9% by the end of trading yesterday on the London Stock Exchange to close at GBP 146.90. While over the pond, AngloGold shares dropped 4.7% to USD 27.45 on the NYSE.<\/p>\n

The story is everywhere in the foreign press: <\/strong>Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | Wall<\/a><\/a>Street Journal<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is expected to close in 4Q 2024<\/p>\n","protected":false},"author":1,"featured_media":643622,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[2569,72,7093,7128,373,3070],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-centamin","tag-enterpriseam","tag-gold","tag-ma-watch","tag-mining","tag-sukari-gold-mine","wpautop","entry"],"acf":{"mongo_id":"80c5964f-f634-4449-8506-69a2fc05384d","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/615.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"AngloGold Ashanti to buy Centamin in USD 2.5 bn transaction in bid to acquire Egypt\u2019s Sukari mine","related_issue":[643613],"teaser":"The transaction is expected to close in 4Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.39f085ed-28fc-4043-a5dc-f095f044bbfb.mp3"},"yoast_head":"\nAngloGold Ashanti to buy Centamin in USD 2.5 bn transaction in bid to acquire Egypt\u2019s Sukari mine - 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The London-listed gold miner, which last month rejected a takeover bid\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/9.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654261,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/30\/anglogold-to-acquire-centamin-next-month-plus-news-from-modon-adeer-abu-qir\/","url_meta":{"origin":643621,"position":1},"title":"AngloGold to acquire Centamin next month. PLUS: News from Modon, Adeer, Abu Qir","author":"enterpriseam admin","date":"30 October 2024","format":false,"excerpt":"The transaction will be carried out on 22 November","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2628.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567693,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/centamin-is-pouring-resources-into-sukari-in-search-of-higher-grade-gold\/","url_meta":{"origin":643621,"position":2},"title":"Centamin is pouring resources into Sukari in search of higher-grade gold","author":"enterpriseam admin","date":"3 December 2020","format":false,"excerpt":"Centamin to pour resources into Sukari in search of higher-grade gold: Egypt-focused Australian gold miner Centamin will invest USD 595 mn between 2021 and 2024 to up productivity and cut operating costs at its Sukari mine in the Eastern Desert, the company said yesterday. The investment will go into increasing\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599653,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/06\/centamin-reports-lower-than-expected-output-from-egypts-sukari-mine-in-2018\/","url_meta":{"origin":643621,"position":3},"title":"Centamin reports lower-than-expected output from Egypt\u2019s Sukari mine in 2018","author":"enterpriseam admin","date":"6 January 2019","format":false,"excerpt":"Gold miner Centamin\u2019s output from the Sukari gold mine in 2018 fell 2% below its full-year target of 480k ounces due to \u201clower than expected underground grade delivered in December,\u201d according to a company release (pdf). Preliminary figures indicate that gold poured in 4Q2018 reached 135-140k ounces. Centamin had cut\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612293,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/20\/gold-reserve-estimates-at-sukari-climb-10-to-5-8-mn-oz-centamin\/","url_meta":{"origin":643621,"position":4},"title":"Gold reserve estimates at Sukari climb 10% to 5.8 mn oz: Centamin","author":"enterpriseam admin","date":"20 December 2023","format":false,"excerpt":"The new estimate puts Centamin\u2019s gold reserves at 7.7 mn oz","rel":"","context":"In "Mining"","block_context":{"text":"Mining","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/mining\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1306.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653395,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/16\/arla-foods-looks-to-take-over-domty-in-usd-183-mn-transaction-plus-eca-greenlights-anglogolds-bid-for-centamin\/","url_meta":{"origin":643621,"position":5},"title":"Arla Foods looks to take over Domty in USD 183 mn transaction. PLUS: ECA greenlights AngloGold\u2019s bid for Centamin","author":"enterpriseam admin","date":"16 October 2024","format":false,"excerpt":"Arla is offering to pay EGP 31.48 per Domty share","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1277.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=643621"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643621\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643622"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643621"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643621"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}