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January 19, 2022

AngloGold Ashanti closes $370m deal to acquire Corvus Gold

AngloGold plans to initially develop the Corvus’ North Bullfrog project in Nevada.

AngloGold Ashanti has concluded the takeover of Canada-based mineral exploration company Corvus Gold for nearly $370m in cash.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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According to the deal signed in September 2021, Corvus Gold shareholders received $3.24 (C$4.10) in cash per share from AngloGold.

The firm purchased 80.5% outstanding common shares of Corvus Gold, which is developing gold-silver projects in the Beatty District, Nevada, US.

Prior to the transaction, AngloGold owned an indirect stake of 19.5% in Corvus.

AngloGold plans to initially develop the Corvus’ North Bullfrog project, which comprises leased, patented and unpatented mining claims covering an area of 90.5km².

Located 10km north of Beatty and 8km north of the Bullfrog Mine, the project is scheduled to start production in the next three to four years.

AngloGold plans to develop the Silicon, Merlin (including Lynnda Strip) and Mother Lode projects at a later stage.

AngloGold Ashanti CEO and executive director Alberto Calderon said that the deal offers AngloGold Ashanti district-wide consolidation in Nevada.

Calderon noted: “The combination of Corvus’ assets along with our own neighbouring targets, including Silicon; Merlin; and Rhyolite, provides the opportunity for the Beatty District to become a potential Tier 1 asset with first production in approximately the next three years.

“We look forward to further engagement with local stakeholders as we develop the Beatty District.”

Corvus president and CEO Jeffrey Pontius said: “AngloGold Ashanti’s long history of success and responsible exploration, development, mine building and operations will further augment the exceptional discoveries at the North Bullfrog and Mother Lode projects.” 

Related Companies

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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