AngloGold Ashanti announced a deal on Wednesday to buy Augusta Gold, a Canadian company that explores and develops gold projects in the US.
The deal, valued at about C$152m ($111m), will expand AngloGold’s mining operations in southern Nevada, a major gold-producing region.
The acquisition increases AngloGold’s presence in North America’s gold mining sector that the company said would support its production plans.
Under the agreement, AngloGold Ashanti will acquire all outstanding shares of Augusta Gold at a cash price of C$1.70 per share.
The deal also includes funds to repay about $32.6m of stockholder loans held by Augusta Gold. The acquisition will add several key assets to AngloGold’s portfolio, including the Reward project, which is at the feasibility stage and already permitted, and the Bullfrog deposit, with all associated land tenements.
“The acquisition reinforces the value we see in one of North America’s most prolific gold districts,” said CEO Alberto Calderon.
“We believe that securing these properties will not only solidify our leading position in the most important new gold district in the US, but will also improve our ability to develop the region under an integrated plan — with more flexibility, greater access, better infrastructure sharing, and cohesive engagement with all stakeholders,” said Calderon.
The transaction has received unanimous approval from Augusta Gold’s board and backing from major shareholders controlling about 31.5% of the company’s stock, the company said in a statement.
The deal is expected to close in the fourth quarter of 2025.
AngloGold Ashanti has indicated that the acquisition aligns with its broader strategy to grow in key mining regions and support its mineral resources.
Once completed, Augusta Gold will become a wholly owned subsidiary of AngloGold Ashanti and will be delisted from public stock exchanges.
The acquisition comes hot on the heels of AngloGold’s acquisition of Egypt’s largest gold mine.
Sukari, one of the world’s biggest gold mines by output, added 117,000oz to the company’s first quarter production, resulting in a 28% rise in gold production year on year.
Gold mining companies have opened their chequebooks as they hunt for deals, buoyed by record high gold prices that have seen the industry majors buy out smaller rivals.
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