Shareholders in Centamin have passed resolutions giving approvals for AngloGold Ashanti’s acquisition of the company for $2.5 million (around R44 million).
This comes as AngloGold Ashanti last month announced that its board had approved its decision to acquire Centamin, which operates Egypt’s biggest gold mine.
The Egyptian mine has produced over 5.9 million ounces of gold since production started in 2009.
“Today’s transaction will add a Tier 1 asset to our portfolio,” said AngloGold Ashanti CEO, Alberto Calderon.
“The transaction is free cash flow accretive in the first full year of production and net asset value accretive from day one; it will also offer additional upsides as we leverage our corporate infrastructure and our core competencies in exploration, operations and asset optimisation.”
Centamin yesterday confirmed that shareholders had, at meetings held on Monday, voted in favour of resolutions to approve the transaction with AngloGold Ashanti.
“The requisite majority in number of scheme shareholders who voted (either in person or by proxy) and who together represented more than 75% of the voting rights of all Centamin shares voted in favour of the resolution to approve the scheme. The resolution was accordingly passed,” said Centamin yesterday.
Shares in AngloGold Ashanti however traded softer by 0.6% in afternoon trade on the JSE yesterday at R514.01.
BUSINESS REPORT