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AngloGold makes $2.5 billion deal for Centamin, targets 'Tier 1' assets
By Nelson Banya and Aby Jose Koilparambil
Reuters
Tuesday, September 10, 2024
AngloGold Ashanti is now in a position to pursue growth through the acquisition of high-value assets, CEO Alberto Calderon said today, after the miner agreed to buy Egypt-focused smaller rival Centamin in a $2.5 billion stock and cash deal.
Shares in Centamin jumped over 20% to their highest level since October 2020, while those of its London-listed peer Hochschild rose over 2.5%. New York-listed AngloGold's were down 8%.
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Calderon, appointed CEO in 2021, said AngloGold had over the past three years worked to "put its house in order" before scouring for acquisition targets.
"At some point we would start looking for deals that would enhance our focus on Tier 1 assets," Calderon said during a call, referring to high-value, low-cost projects or operations with a long life.
"This will open the way for a lot of interesting strategic possibilities in AngloGold," he added. ...
... For the remainder of the report:
https://www.reuters.com/markets/deals/anglogold-ashanti-buy-centamin-25-bln-deal-2024-09-10/
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