Thursday 16 May 2019

AngloGold plans to sell last South African mine as era closes.


AngloGold Ashanti Ltd plans to sell its last South African mine, marking the exit of Anglo American Plc and the companies it spawned from the industry that created Africa’s biggest economy.

Anglo’s creation in 1917 by Ernest Oppenheimer and the subsequent development of what was for decades the world’s biggest gold industry underpinned the development of South Africa into the continent’s pre-eminent economy.

Its retreat from the industry, which has become expensive and dangerous as mines extended miles underground, began in 1998 when Anglo merged its separate gold subsidiaries to create AngloGold Ltd.

“Other options in the portfolio present a higher return, which is why we’re focusing on those and we decided to consider divestment options.”

AngloGold announced on Thursday that it’s in the early stages of a sales process for Mponeng, the world’s deepest mine and its last underground operation in South Africa.




Full story at Graphic.
By Graphic Business.




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