Randgold Resources Ltd. (GOLD) Thursday said it has made a rival offer for Moto Goldmines Ltd. (MGL.T) in a deal that values the gold exploration firm at about CAD546 million ($488 million).

The deal would give it and AngloGold Ashanti Ltd. (AU) access to a key project in the Democratic Republic of Congo.

AngloGold, Africa's largest producer of the precious metal, has agreed to part-fund the acquisition in exchange for an indirect 50% stake in Moto, and separately said it will pay $244 million after Randgold closes its deal.

Perth, Australia-based Moto in June agreed to a CAD513 million all-share acquisition by Red Back Mining Inc. (RBI.T), another Africa-focused mining firm with operations in Ghana and Mauritania.

Randgold, which is incorporated in the Channel Islands and mines in west Africa, said its offer represents a 7% premium to Moto's share price as of Wednesday and an 11% premium to the price ahead of the Red Back deal being announced. It said it also has the support of Congo's government, which has a 30% interest in Moto's key Moto Gold Project through state-owned Offices des Mines d'Or de Kilo-Moto.

Randgold said it is offering the equivalent of CAD5 a share for Moto, which would be paid with 0.07061 of a Randgold share for each Moto share or a cash alternative. The company could issue as many as 3.9 million shares, it said.

-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com