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AngloGold Seeks to Buy Rest of Corvus to Drive U.S. Projects

  • South African miner offers 23% premium for Canadian explorer
  • AngloGold already has 19.5% indirect interest in Corvus
Randgold Resources Ltd.'s Kibali Gold Mine

Photographer: Simon Dawson/Bloomberg

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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.