Centamin's shareholders approve its acquisition by AngloGold Ashanti

"We are pleased that our shareholders have agreed with our vision regarding the importance of the AngloGold Ashanti acquisition of our company, which creates added value for all stakeholders involved. This is evident from the voting result, which showed a 98 percent approval rate from all shareholders," stated Martin Horgan, the CEO of Centamin.

Horgan expressed confidence in AngloGold Ashanti's ability to continue the significant achievements accomplished by Centamin's team in collaboration with the Egyptian government.

He emphasized the importance of the Sukari mine as a first-class production asset due to its potential for an upward growth trajectory.

Regarding the timeline for completing the deal, Horgan mentioned that the acquisition agreement is still pending approval from the Royal Court in Jersey, with a special hearing scheduled for 20 November.

AngloGold Ashanti announced in September its plans to acquire Centamin for $2.5 billion, which would give AngloGold full control of the Sukari Gold Mine, one of the largest gold mines in the Middle East.

In September, the Ministry of Petroleum and Mineral Resources declared that the acquisition of Centamin by AngloGold Ashanti would not alter Egypt's rights or revenues from the Sukari Gold Mine.

Centamin announced in January that the Sukari Gold Mine has witnessed a rise in its annual revenues by 13 percent in 2023.