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    ANG   ZAE000043485

ANGLOGOLD ASHANTI LIMITED

(ANG)
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AngloGold Ashanti Proposes $370 Million Acquisition of Corvus Gold

07/13/2021 | 10:46am EDT

By Joe Hoppe

AngloGold Ashanti Ltd. said Tuesday it has submitted a proposal to acquire all of the outstanding issued shares of Corvus Gold Inc., for an estimated $370 million.

The Johannesburg-based mining company, which already holds a 19.5% indirect interest in gold exploration and development company Corvus, will offer shareholders 4.0 Canadian dollars ($3.20) a share, payable in cash. The offer is a 23% premium to the closing share price of Corvus prior to the submission of the proposal, and AngloGold estimated the total proposed cash consideration to be around $370 million.

AngloGold said the acquisition would fit its strategy of growing its ore reserves, building low-cost production and generating sustainable returns. The acquisition and combination of Corvus and AngloGold's assets in Nevada would also create one of the largest new gold districts in the state, allowing for greater economies of scale and integrated infrastructure.

The company said it is working closely with the management of Corvus to agree the terms of, and implement the transaction.

Shares in AngloGold in Johannesburg at 1425 GMT were up ZAR4.81 pence, or 1.7%, at ZAR289.04 pence.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

07-13-21 1045ET

Stocks mentioned in the article
ChangeLast1st jan.
ANGLOGOLD ASHANTI LIMITED 0.65% 216.64 End-of-day quote.-36.75%
CORVUS GOLD INC. -0.25% 4.03 Delayed Quote.33.44%
GOLD -0.03% 1753.4 Delayed Quote.-7.59%
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Financials (USD)
Sales 2021 4 014 M - -
Net income 2021 727 M - -
Net Debt 2021 844 M - -
P/E ratio 2021 8,43x
Yield 2021 2,05%
Capitalization 6 117 M 6 125 M -
EV / Sales 2021 1,73x
EV / Sales 2022 1,45x
Nbr of Employees 26 000
Free-Float 99,4%
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AngloGold Ashanti Limited Technical Analysis Chart | ANG | ZAE000043485 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 14,66 $
Average target price 22,47 $
Spread / Average Target 53,3%
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Managers and Directors
Alberto Calderon Chief Executive Officer
Kandimathie Christine Ramon Chief Financial Officer & Executive Director
Maria Ramos Chairman
Graham J. Ehm Executive VP-Group Planning & Technical
Sicelo Ntuli Chief Operating Officer-Africa
Sector and Competitors