Egyptian competition authorities have approved AngloGold Ashanti’s (JSE: ANG) (NYSE: AU) (ASX: AGG) proposed $2.5 billion takeover of Centamin (LON: CEY), the companies said on Tuesday.

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.

There are still conditions to fulfil before the deal is closed, including a sanction of the scheme by the Jersey Court, AngloGold said.

Once and if 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 transaction is the latest in a flurry of industry deals fuelled by record-breaking prices for the precious metal.

Top player Newmont (NYSE: NEM) bought Australia’s Newcrest Mining for $19 billion last year, cementing its position as the top gold producer.

Agnico Eagle Mines (TSX, NYSE: AEM) has completed two major transactions since 2022, positioning itself among the top five producers of the precious metal by market value.

South Africa’s Gold Fields (JSE, NYSE: GFI) bought in August Canada’s Osisko Mining (TSX: OSK) in a deal valued at C$2.16 billion ($1.6bn).

The deal 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.