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AngloGold to buy First Uranium stake

Johannesburg - Africa's biggest gold miner AngloGold Ashanti [JSE:ANG] said on Friday it would acquire a 19.79% stake in Canadian gold and uranium producer First Uranium Corporation [JSE:FUM] for $30m.

AngloGold said it would buy the stake, which consists of 47 million shares and priced at $0.64 a share, from Village Main Reef Gold Mining Company [JSE:VIL].

"The acquisition was effected by AngloGold Ashanti for investment purposes," it said in a statement.

The company added it could acquire additional First Uranium shares.

Village said in a separate statement the proceeds of the purchase will be used to pay its debts.

Village has granted lock-up rights and rights of first refusal to AngloGold Ashanti for its remaining 5.7% stake in First Uranium.

Shares in AngloGold were down slightly in early trade in Johannesburg in a mostly flat bourse.
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