Randgold and AngloGold make joint bid for Moto

African mining firms Randgold and AngloGold Ashanti have joined forces to launch a $488 million bid for Australian mining company Moto Goldmines.  Moto, which is developing a large gold deposit in the Democratic Republic of Congo (DRC), has already agreed a takeover deal with Canadian firm Red Back Mining. Randgold is leading the $488 million bid and would sell 50 per cent of Moto to AngloGold if it is successful. The two companies would then jointly own the DRCÔÇÖs Moto gold mine, though Randgold would be the operator. Moto currently owns 70 per cent of the gold mine, with the remaining 30 per cent owned by Congo state-owned mining firm Okimo. The mine, currently at an advanced stage of exploration, is one of the largest undeveloped deposits in the world and holds 5.5 million ounces of recoverable gold.  Bringing the mine into production would cost an estimated $500 million, representing a significant investment for each of the two companies. ┬á Randgold has said its offer is superior to Red BackÔÇÖs as it can be completed ÔÇ£without undue delayÔÇØ, is available to all MotoÔÇÖs shareholders and is fully financed.  It also says it has secured the backing of the DRC government. *┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á *