Author: Tiash saha

AngloGold Ashanti’s scheme to acquire Centamin, which owns Egypt’s largest gold mine, Sukari, has been sanctioned by the Jersey Court.

This approval moves the recommended cash and share acquisition of Centamin’s issued share capital by AngloGold Ashanti closer to completion.

The transaction remains subject to the conditions outlined in the scheme document released on 30 September 2024.

AngloGold Ashanti offered $2.5bn (R44.85bn) for the acquisition in September.

The scheme document, approved by Centamin shareholders on 28 October 2024, details the terms of the acquisition. The deal will become effective upon the court order’s registration with the Registrar of Companies, expected on 22 November 2024.

The last day for trading Centamin’s shares on the London and Toronto stock exchanges will be 21 and 20 November 2024, respectively.

Following the suspension, Centamin shares will be removed from the official list and trading on both the London Stock Exchange’s main market and the Toronto Stock Exchange (TSX).

Centamin has applied for the suspension of trading on the London Stock Exchange to commence at 7.30am on 22 November 2024, with the cancellation of the listing on the official list scheduled for 8.00am on 25 November 2024.

The delisting of Centamin shares from the TSX has received conditional approval and is set to occur at 4.30pm Toronto time on 25 November 2024. The timeline for these principal events remains consistent with the schedule announced by Centamin on 28 October 2024.

Earlier this month, AngloGold Ashanti announced that its proposed joint venture with Gold Fields in Ghana, which was initially announced in March, faced delays and is currently seeking the required approvals from the Government of Ghana.

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Stillwater Critical Minerals, a Canadian mineral exploration company, has signed a letter of intent (LoI) with a fellow Metallic Group of Companies member Granite Creek Copper to finalise a definitive agreement to divest a 90% stake in the Duke Island project in Alaska, US.

Duke Island comprises 31 unpatented claims that control the main area of copper-nickel-platinum-palladium (Cu-Ni-PGE) sulfide mineralisation within the Duke Island ultramafic complex.

As per the terms outlined in the LoI, Granite Creek will acquire a majority interest in Duke Island, subject to a 1% net smelter royalty (NSR), through a non-arm’s length, all-share transaction.

The acquisition includes the issuance of share units to Stillwater valued at C$150,000 ($107,961) over a three-year period, with the exact warrant terms still to be finalised.

Additionally, Granite Creek is committed to a minimum work investment of C$500,000 over the same period. The NSR royalty to Stillwater comes with an option for Granite Creek to reduce it to 0.5% for C$1m.

The formation of a joint venture (JV) is also proposed based on the ownership levels in Duke Island post-agreement, which is awaiting final approval from the Canadian stock exchange TSX Venture Exchange.

Stillwater president and CEO Michael Rowley said: “We are very pleased to enter this agreement with Granite Creek and look forward to both supporting, and benefiting from, its progress in advancing Duke Island’s demonstrated nickel, copper, and platinum group element mineralisation in addition to its carbon sequestration and geologic hydrogen generation potential.”

Stillwater remains focused on its flagship Stillwater West project in Montana, aiming to become a key player in the US’ critical mineral supply chain. The company is also engaged in carbon sequestration and geologic hydrogen studies in the region.

Granite Creek is dedicated to exploring and developing critical minerals projects in North America.

Its portfolio includes the flagship 177km² Carmacks project in Canada’s Yukon Territory, along with the advanced stage LS molybdenum project and the Star copper-nickel-PGM project, both in central British Columbia.

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