On 5 July 2012 the Competition Tribunal (Tribunal) issued its reasons for the unconditional approval of a merger between Anglo Gold Ashanti Limited and First Uranium (Proprietary) Limited.

The Tribunal unconditionally approved the acquisition by Anglo Gold Ashanti Limited (AGA), a mining and exploration company with South African mining operations that comprise of deep-level gold mines and surface gold operation, of First Uranium (Proprietary) Limited (FUSA), a holding company with no activities, on 2 May 2012.

AGA sought to increase the value of its uranium business. The acquisition of FUSA was expected to increase AGA's annual production and provide steady-state, long-term additional gold production.

The Competition Commission (Commission) found a horizontal overlap to exist between the activities of the merging parties with regards to the global market for the production and supply of gold and uranium. The Commission found that post-merger, the merged entity will have a market share of between 5 to 10% in the production and supply of gold.

The Tribunal agreed with the Commission and concluded that the proposed transaction was unlikely to substantially prevent or lessen competition as the market share for the production and supply of gold and uranium would remain low following the transaction.

The Tribunal further concluded that there were no significant public interest issues.


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