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FTSE 250-listed gold mining company Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) has agreed to a takeover by South African mining giant AngloGold Ashanti (ASX:AGG) plc, in a deal involving both cash and equity. The offer values each Centamin share at approximately 163p, reflecting a premium of nearly 37% over the previous day's closing price.
The Centamin board has endorsed the acquisition, describing it as a “compelling strategic fit” that aligns well with AngloGold Ashanti's core operations. Upon completion of the transaction, AngloGold Ashanti will gain control of Centamin’s flagship asset, the Sukari gold mine in Egypt. Sukari is noted as Egypt's largest and first modern gold mine, having produced over 5.9 million ounces of gold since its inception in 2009.
Centamin Chair James Rutherford commented, “This transaction is an endorsement of Centamin’s success in re-establishing Sukari as a world-class operation. It coincides with the Egyptian Government's efforts to attract foreign investment to unlock the country's significant geological potential.”
Martin Horgan, Chief Executive of Centamin, highlighted that the acquisition will allow Centamin’s assets to benefit from inclusion in AngloGold Ashanti’s larger and more diversified portfolio. Horgan emphasized that the integration into AngloGold Ashanti’s operations will offer advantages derived from the company's extensive experience in managing large-scale open-pit and underground mines across Africa, with a focus on collaboration with host governments and local communities.
The deal signifies a strategic consolidation within the gold mining sector and is anticipated to enhance the operational capabilities and growth prospects of the combined entity.
