AngloGold Ashanti bids US$335 million for First Uranium

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.