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AngloGold Ashanti’s (JSE: ANG) (NYSE: AU) (ASX: AGG) proposed $2.5 billion takeover of Centamin (LON: CEY) has moved a step closer to be a done deal, following the target company’s .

Centamin that the necessary majority of its shareholders, equivalent to more than 75% of the voting rights, backed the deal at a court and general meeting held on Monday.

The deal would make the South African gold miner the world’s fourth largest producer of the precious metal as it hands it the key to the Sukari mine in Egypt.

Sukari is the country’s largest and first modern gold operation, as well as one of the world’s largest producing mines.

The addition of the Sukari mine to its portfolio will increase AngloGold’s annual production by around 450,000 ounces, bringing its total output to 3.1 million ounces. 

Since production began in 2009, Sukari has produced more than 5.9 million ounces of gold, and has a projected mine life of 14 years.

The acquisition of Centamin has already received clearance from Egypt’s competition authorities.

There is still one obstacle to overcome, , which is the approval of the scheme by the Jersey Court, withe the hearing scheduled for November 20.

Once the deal goes through, AngloGold shareholders will hold about 83.6% of the combined entity, while Centamin investors will own roughly 16.4% of the enlarged share capital.

The acquisition is the latest in a flurry of gold deals fuelled by record-breaking prices for the precious metal. It is also the latest blow to the London stock market, which has seen an exodus of companies over the past few years. The exchange has faced challenges since Randgold’s delisting after its merger with Barrick Gold in 2018, and the massive departure of Russian gold miners following Moscow’s invasion of Ukraine.