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JSE-listed AngloGold Ashanti has submitted a nonbinding proposal to the board of TSX-listed Corvus Gold to acquire all of its issued and outstanding common shares for about $370-million.

AngloGold already holds a 19.5% indirect interest in Corvus, which owns the North Bullfrog, Mother Lode and other exploration assets located in Nevada’s Beatty district.

These assets are near AngloGold’s Silicon, Transvaal and Rhyolite exploration assets.

AngloGold interim CEO Christine Ramon says the proposal is aligned to the company’s strategy of growing ore reserve, building low-cost production and generating sustainable returns.

“We have a unique opportunity to combine Corvus’ assets with our own – in the world’s top-ranked mining jurisdiction – to create a meaningful new production base for AngloGold in the medium and longer term.”

Consolidation of the Beatty district has the potential for significant synergies from economies of scale and integrated infrastructure including processing facilities, AngloGold believes.

The combined asset base allows for streamlined engagement with federal, state and local stakeholders to advance and achieve shared sustainability goals and other district benefits, such as opportunities to design projects incorporating renewable energy, as well as to develop conservation and other local projects in conjunction with the Beatty community.