Tag: AngloGold

AngloGold Ashanti rounded out 2018 on a high as it continues to reap the rewards of its streamlined portfolio. Image: Anglogold. BY GERARD MCARTNEY AFTER a strong first half, AngloGold finished 2018 with a positive return on its strategy of letting go low performing assets. AngloGold’s two Australian mines, Tropicana and Sunrise Dam, performed exceptionally in the 12 months leading up to 31 December 2018, and after a feasibility study was completed, Tropicana would begin underground mining. In 2017, outgoing chief executive, Srinivasan Venkatakrishnan closed the South African Tau Tona mine, and in 2018 completed the sale of the South African Moab Khotsong and Kopanang mines, and reduced ore reserve development amortisation in Brazil. Newly appointed chief Kelvin Dushnisky, who…

Tropicana mine. Image: IGO. BY REUBEN ADAMS AFTER five years in the top job AngloGold chief Srinivasan Venkatakrishnan is leaving for fresh pastures. But he is going out on a high, as the company’s value-building strategies begin bearing fruit in 2018. Srinivasan Venkatakrishnan, who will be succeeded by Barrick president Kelvin Dushnisky in September, used his last AngloGold earnings call in August to reflect on some tenure highlights. “As you know, this is my final presentation after around 72 quarters with this company, the last 22 as a CEO,” he said. “I thought I’d reflect on some of the work we have done over that time, to reposition this company, to not only survive the gold price storms that came at…

BY REUBEN ADAMS IN February, AngloGold chief executive Srinivasan Venkatakrishnan told Mining Indaba delegates that the company would look inwards to expand its operations, rather than growth through mergers and acquisitions. In Australia, the third-largest gold miner in the world is focused on increasing production and extending the life of its optimised Tropicana and Sunrise dam assets. AngloGold’s embattled South African assets dragged half year results into the red to the tune of $93 million, compared with a $93 million profit for in the respective period in 2016. AngloGold set aside $47 million for massive job cuts as it restructures its loss-making South African operations, and also included $46 million for the possible settlement of a lung disease court case…