The firms announced on Tuesday that AngloGold Ashanti's proposed $2.5 billion acquisition of Centamin had been approved by Egyptian competition authorities.

The agreement would give the South African gold miner the key to the Sukari mine in Egypt, making it the fourth-largest producer of the precious metal in the world. Sukari is one of the biggest producing mines in the world and the largest and first modern gold operation in the nation.

With the addition of the Sukari mine to its portfolio, AngloGold's total output will increase by about 450,000 ounces annually to 3.1 million ounces.  Since production began in 2009, Sukari has produced more than 5.9 million ounces of gold, with an anticipated mine life of 14 years.

Before the acquisition is finalized, a number of requirements must be met, such as the Jersey Court approving the plan, according to AngloGold. AngloGold shareholders would possess approximately 83.6% of the combined company after the merger closes, while Centamin investors will own approximately 16.4% of the increased share capital. The purchase is the most recent in a wave of business transactions fueled by the precious metal's record-breaking prices.

Leading company Newmont solidified its position as the leading producer of gold last year when it paid $19 billion to acquire Australia's Newcrest Mining. Since 2022, Agnico Eagle Mines has closed two significant deals, putting it in the top five producers of the precious metal based on market value. In August, Gold Fields of South Africa paid C$2.16 billion ($1.6 billion) to acquire Osisko Mining of Canada.

The transaction is also the most recent setback for the London stock market, which has experienced a company exodus in recent years. Since Randgold's delisting following its 2018 merger with Barrick Gold and the widespread exodus of Russian gold miners in the wake of Moscow's invasion of Ukraine, the exchange has had difficulties.