AngloGold Ashanti to Buy Remaining 80.5% Stake in Corvus Gold for $370 Million

By Jaime Llinares Taboada

AngloGold Ashanti Ltd. said Monday that it has agreed to acquire 80.5% of North American miner Corvus Gold Inc. for around $370 million.

The South African gold miner said it will pay 4.10 Canadian dollars ($3.23) for each of the Corvus shares that it doesn't already own--a premium to the stock's Friday closing price of C$3.97.

The transaction values Corvus at C$570 million.

"The combination of Corvus and AngloGold Ashanti's Nevada assets further consolidates one of the largest new gold districts in Nevada (the Beatty District) and provides the opportunity for AngloGold Ashanti to establish, in the medium and longer term, a meaningful, low-cost production base in a premier mining jurisdiction," the buyer said.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

09-13-21 0928ET