AngloGold Ashanti Ltd. is seeking to consolidate its investment in Canadian exploration company Corvus Gold Inc. in a $370 million cash deal to develop deposits in Nevada.
The world’s No. 3 gold miner agreed to pay C$4 a share to buy stock it doesn’t already own in Corvus, which is searching for gold in Nevada. The offer represents a 23% premium to Monday’s closing price for the Vancouver-based explorer. AngloGold, which already owns 19.5% of Corvus, is pursuing the takeover as part of its strategy to grow reserves and build low-cost production, the Johannesburg-based firm said Tuesday in a statement.