AngloGold Ashanti

Summary

AngloGold Ashanti Limited operates as a gold mining company in Africa, the Americas, and Australia. Its flagship property is a 100% owned Geita project located in the Lake Victoria goldfields of the Mwanza region in north-western Tanzania. The company also explores for silver and sulphuric acid. AngloGold Ashanti Limited was incorporated in 1944 and is headquartered in Johannesburg, South Africa.

History

AngloGold Ashanti was formed on 26 April 2004, after the High Court of Ghana approved the merger of AngloGold and the Ashanti Goldfields Corporation three days earlier. AngloGold had been a gold mining company based in South Africa, majority-owned by the Anglo American group. This came almost a year after the merger was announced on 16 May 2003. In the transaction, Ashanti shareholders received 0.29 ordinary shares of AngloGold for every Ashanti share.The new company sold its Union Reef Gold Mine in the Northern Territory of Australia in August 2004, followed by the sale of the Freda-Rebecca Gold Mine in Zimbabwe a month later.In late 2007, Mark Cutifani replaced Bobby Godsell as CEO of AngloGold Ashanti, being appointed a director of the company on 17 September 2007 and as CEO on 1 October that year.In January 2009, AngloGold Ashanti sold its 33% stake in the Boddington Gold Mine in Australia to Newmont Mining for US$1.0 billion.Russell Edey, chairman of AngloGold since 2002 and, after the merger also of AngloGold Ashanti, was replaced by Tito Mboweni in May 2010. The company's Tau Lekoa Gold Mine in South Africa was sold to Buffelsfontein Gold Mines Limited in February 2009, with ownership being transferred on 1 August 2010.The company announced the elimination of the last of its hedge book in October 2010. The company had hedged 11.3 million ounces of gold, as of early 2008, under previous CEO Bobby Godsell. Under its new CEO, this was gradually reduced to 3.22 million. In October 2010, this remaining amount was paid off with US$2.63 billion, or US$1,300 per ounce of gold.In 2020 it sold its last South African mining assets to Harmony Gold for about R4.4 billion. It no longer has any operations left in South Africa but remains listed on the JSE.AngloGold Ashanti is a signatory participant of the Voluntary Principles on Security and Human Rights.

Chief Financial Officer Christine Ramon becomes interim CEO on 1 September 2020, following the resignation of Kelvin Dushnisky. There has been speculation that Dushnisky stepped down after shareholders questioned a bonus payment he received from his prior employer Barrick Gold while also taking a signing bonus from AngloGold Ashanti when he was appointed CEO in 2018.

Mission

To be the leading mining company.

Vision

To be the leading mining company.

References

https://en.wikipedia.org/wiki/AngloGold_Ashanti

https://in.investing.com/equities/anglogold-ashanti-ltd-(j)

https://finance.yahoo.com/quote/AU/profile?p=AU

https://www.comparably.com/companies/anglogold-ashanti

https://www.crunchbase.com/organization/anglogold-ashanti

https://sec.report/CIK/0001067428

https://companiesmarketcap.com/