Gold mining company
AngloGold Ashanti Limited |
| Company type | Public company |
|---|
| JSE: ANG
NYSE: AU |
|---|
| Industry | Mining |
|---|
| Founded | 2004; 20 years ago (2004)
(by merger with Henderson Group) |
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| Headquarters | , South Africa |
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Area served | Worldwide |
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Key people | Maria Ramos
(chairman of the board)
Christine Ramon
(Interim CEO) |
|---|
| Products | Gold
Silver
Uranium oxide |
|---|
| Revenue |  US$4.400 billion (2020) |
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| US$1.918 billion (2020) |
|---|
| US$1.000 billion (2020) |
|---|
| Total assets | US$9.532 billion (2020) |
|---|
| Total equity | US$4.989 billion (2020) |
|---|
Number of employees | 70,000 – June 2020 |
|---|
| Website | www.anglogoldashanti.com |
|---|
AngloGold Ashanti Limited is an independent and global gold mining company with a diverse high-quality portfolio of cooperation, projects and exploration activities formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation.[1] As of 2022, it was a global gold producer with 21 operations on four continents, listed on the New York, Johannesburg, Accra, London and Australian stock exchanges, as well as the Paris and Brussels bourses, [2][3] but left the Johannesburg exchange in 2023. As of May 2023, it was the world’s fourth-largest gold miner with assets in Ghana, Australia, the US and Argentina.
In 2019, the company was claimed to be the 'most sophisticated and technologically advanced' mining operations with strict adherence to safety regulations.[4][5][6]
AngloGold Ashanti has a history of gross human rights violations and causing grave environmental problems for which it won one of the Public Eye Awards.
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.[7] 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.[8]
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.[8]
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.[9]
Alberto Calderon, Chief Executive Officer and Executive Director of AngloGold Ashanti. Appointed on ( September 1 2021-)[10][11]
In 2008, AngloGold produced 4.98 million ounces of gold from its operations, estimated to be seven percent of the global production. In 2009, the company's gold output dropped to 4.6 million ounces.[12]
As of early 2008, the company had hedged 11.3 million ounces of gold, under previous CEO Bobby Godsell.[13]
In January 2009, AngloGold Ashanti sold its 33% stake in the Boddington Gold Mine in Australia to Newmont Mining for US$1.0 billion.[14]
In February 2009, the company's Tau Lekoa Gold Mine in South Africa was sold to Buffelsfontein Gold Mines Limited with ownership being transferred on 1 August 2010.[15]
In May 2010, Russell Edey, chairman of AngloGold since 2002 and, after the merger also of AngloGold Ashanti, was replaced by Tito Mboweni.[16]
In October 2010, the company announced the elimination of the last of its hedge book. Under its new CEO, it gradually reduced the hedge 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.[13]
In 2011, AngloGold Ashanti moved into Eritrea to explore the Arabian-Nubian Shield for gold through a 50/50 joint venture set up in 2009 with Thani Dubai Mining.[17]
As of the third quarter of 2014, Anglogold was the world's third-largest producer of gold, behind Barrick Gold and Newmont Mining.[18]
As of 2019, the company was claimed to be the 'most sophisticated and technologically advanced' mining operations with strict adherence to safety regulations.[4]
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.[19]
On 1 September 2020, Chief Financial Officer Christine Ramon became interim CEO following the resignation of Kelvin Dushnisky.[20] 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.[21]
As of May 2023, AngloGold Ashanti was the world’s fourth-largest gold miner with assets in Ghana, Australia, the US and Argentina.[22]
AngloGold Ashanti is a signatory participant of the Voluntary Principles on Security and Human Rights.[citation needed]
Criticism
In August 2008 British charity War on Want published a report accusing Anglo American (who at the time owned 17% of AngloGold Ashanti) of profiting from the abuse of people in the developing countries in which the company operates.[23] The company disclosed itself in 2006 or in 2008 for unacceptable safety performance in its platinum mines. Safety measures were taken.[24] Additionally, in 2005 the staff of the AGA exploration team in Ituri made a US$8,000 payment to the FNI, which had been accused of committing various humans rights abuses.[25]
In January 2011, AngloGold Ashanti was awarded the Public Eye Global Award at the Public Eye Awards hosted with Greenpeace in Davos, Switzerland by the Erklärung von Bern, known in English as the Berne Convention.[26] The award has been interpreted as being for the "most irresponsible company".[27] The nominating organisation, WACAM (Wassa Association of Communities Affected by Mining), said the company had a history of "gross human rights violations and environmental problems."
