Global major AngloGold Ashanti has entered a definitive agreement to acquire the 80.5% of shares it does not already own in Canadian miner Corvus Gold, a deal that further consolidates ownership of the large Beatty gold district in Nevada, USA.
The offer of $C4.10 cash per share equates to a total transaction cost of about $US370M and values Corvus at about $570M.
If successful, the takeover will combine AngloGold’s Silicon, Merlin, Transvaal and Rhyolite exploration projects in the Beatty district with the North Bullfrog, Mother Lode and other assets owned by Corvus.
AngloGold says the deal offers the opportunity to establish a meaningful low-cost production base in a premier mining jurisdiction with potential for significant synergies.