Skip to main content

PLEASE NOTE: For everyone’s safety, Fasken recommends anyone on-site at our Canadian offices be familiar with the COVID-19 recommendations in place which may include one or more of the following: social distancing, hand sanitizing, wearing a mask in common areas and proof of full vaccination. These measures apply to lawyers, staff, clients, service providers and other visitors.

Client Work

AngloGold Ashanti bids US$335 million for First Uranium

Reading Time 1 minute read Subscribe



AngloGold Ashanti Limited

AngloGold Ashanti Limited (AngloGold) has bid $335 million for control of South African-based uranium and gold producer, First Uranium. First Uranium is a subsidiary of Toronto-based First Uranium Corporation, in which AngloGold already has a 19.8% stake. It is the owner of Mine Waste Solutions, a recently commissioned tailings retreatment operation located in South Africa’s Vaal River region and in the immediate proximity of AngloGold's own tailings facilities. The deal, if approved, will be financed from debt facilities and cash reserves. The offer requires two-thirds support of First Uranium shareholders, or 50.1% of total shares in issue, which includes AngloGold’s shareholding in the company. Other conditions include South African Reserve Bank and Competition Tribunal approvals. June 29, 2012 has been given as the completion date for the transaction. AngloGold was advised on the Canadian aspects of this matter by a team of Fasken Martineau lawyers that includes Krisztián Tóth, John Turner, William Bies, Richard Steinberg and Andrew Teehan.



    Receive email updates from our team