This deal will give Anglo Gold control of the Sukari mine in Egypt, one of the world's largest and most important gold mines.
AngloGold Ashanti has agreed to acquire Centamin Company in a deal valued at approximately $2.5 billion.
This deal will give Anglo Gold control of the Sukari mine in Egypt, one of the world's largest and most important gold mines.
Once the deal is completed, AngloGold shareholders will own about 83.6% of the company, while Centamin investors will own about 16.4% of the capital.
AngloGold Ashanti plans to enhance the Sukari mine's development through additional exploration and development activities.
These initiatives will span the Sukari concession area and extend into neighboring sections of the EDEX project. This strategic move aims to either prolong the mine's operational lifespan or boost its production capacity.
Recently in August, the Export Council for Building Materials, Refractory & Metallurgy Industries (ECBM) reported that Egypt's jewelry and gemstone exports increased by 118% from January to July 2024, reaching $1.526 billion, up from $700 million in 2023.
The United Arab Emirates secured the top spot in jewelry and gemstone exports, experiencing a 287% increase to $909 million, compared to $235 million in 2023 as per the report.
