AngloGold Ashanti announces the sale of its South African assets

By Maureen Maingi

AngloGold, the top producer of gold, has announced plans to sell the last of its South African mines, Mponeng. The announcement follows on from the sale of a majority of its South African assets, and a large restructuring of its workforce. AngloGold employs 6,000 workers in the Mponeng, which holds a remaining ore reserve base of 16.8 million ounces.

Though AngloGold plans to divest from South Africa, the company plans to vastly increase production from the Below 120 Level project to improve margins and ensure higher capital investment for stakeholders.

“We believe that under the right ownership, our South African assets offer a compelling longterm value proposition that may allow for an extension to Mponeng Mine’s current life,” Chief Executive Officer Kelvin Dushnisky said.

SEE ALSO:

 

AngloGold has 21 operations across four continents. Other major projects that AngloGold has focussed on include Guinea, Colombia and Ghana.

“The investment to extend Mponeng’s life beyond eight years has very strong competition for capital and other scarce resources from a host of other projects in our portfolio, which at current planning assumptions are more attractive, generating higher returns and quicker payback periods - we have therefore decided to review divestment options for our South African business,” Dushnisky  concluded.

Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology