Potential acquisition Johannesburg-based gold miner AngloGold Ashanti has announced that a non-binding proposal has been submitted to Corvus Gold’s Board of Directors. Under the proposal, a subsidiary of AngloGold Ashanti would acquire for cash all of the issued and outstanding common shares of Corvus which the miner does not already beneficially own.
“AngloGold Ashanti currently holds a 19.5% indirect interest in Corvus,” AngloGold Ashanti said in a statement. “Corvus owns North Bullfrog, Mother Lode and other exploration assets located in southern Nevada’s Beatty District, which are in close proximity to, or contiguous with, AngloGold Ashanti’s exploration assets of Silicon, Transvaal and Rhyolite.”
Christine Ramon, AngloGold Ashanti’s interim CEO, commented that the proposal is aligned to the company’s “strategy of growing Ore Reserve, building low-cost production and generating sustainable returns. We have a unique opportunity to combine Corvus’ assets with our own – in the world’s top-ranked mining jurisdiction – to create a meaningful new production base for AngloGold Ashanti in the medium and longer term.”