AngloGold Ashanti has signed an agreement to enable it to take a 50% stake in gold miner Randgold’s proposed acquisition of Moto Goldmines in the Democratic Republic of Congo.

Under the deal, AngloGold will claim an indirect stake in Moto by paying Randgold $244m in cash.

Post-acquisition, the companies will form a joint venture to develop and operate the project, one of the largest undeveloped mineral resources in Africa.

The project is in the advanced exploration stage with a mineral resource of about 22.5 million ounces of gold.

Randgold will act as the operator of the project.

The deal is presently under consideration by the South African Reserve Bank.