AngloGold
| File:AngloGold Ashanti logo.svg Logo of AngloGold Ashanti | |
| Company type | Public |
|---|---|
| Industry | Gold mining |
| Predecessor | AngloGold, Ashanti Goldfields Corporation |
| Founded | April 26, 2004 |
| Headquarters | Johannesburg , South Africa |
Area served | Multiple continents (including Ghana, Australia, United States, Argentina) |
Key people | Alberto Calderon (CEO and Executive Director), Christine Ramon (former interim CEO), Mark Cutifani (former CEO), Tito Mboweni (chairman as of 2010) |
| Products | Gold |
Number of employees | 65,822 (2012) |
| Website | www |
AngloGold Ashanti Limited is a South African company engaged in gold mining with operations spanning multiple continents. Created in 2004 through the merger of AngloGold and Ashanti Goldfields Corporation, it was ranked as the seventh-largest gold producer worldwide in 2023, managing 21 mining sites across four continents. The firm is publicly traded on stock exchanges including those in New York, Accra, London, and Australia, as well as the financial markets of Paris and Brussels. In 2023, AngloGold Ashanti withdrew from the JSE.
History
The formation of AngloGold Ashanti took place on 26 April 2004, following approval by the High Court of Ghana for the merger between AngloGold and Ashanti Goldfields Corporation. Prior to this, AngloGold was predominantly owned by the Anglo American group. Upon announcing the merger in May 2003, shareholders of Ashanti received 0.29 shares of AngloGold for each Ashanti share held.
The company sold off its Union Reef Gold Mine in Australia in August 2004 and its Freda-Rebecca Gold Mine located in Zimbabwe by September of the same year. Leadership changed in late 2007 when Mark Cutifani took over as CEO from Bobby Godsell.
In 2008, AngloGold Ashanti's gold output reached 4.98 million ounces, representing approximately seven percent of global production; however, this figure dropped to 4.6 million ounces in 2009. Under Godsell’s tenure, the company had hedged 11.3 million ounces of gold but had completely closed out its hedge positions by October 2010, settling the remaining 3.22 million ounces at a cost of US$2.63 billion.
In 2009, AngloGold Ashanti divested its one-third interest in Australia's Boddington Gold Mine to Newmont Mining for US$1 billion and subsequently sold South Africa's Tau Lekoa Gold Mine to Buffelsfontein Gold Mines Limited in 2010. That May, Tito Mboweni succeeded Russell Edey as chairman.
The company entered Eritrea's mining sector in 2011 through a partnership with Thani Dubai Mining, focusing on exploration within the Arabian-Nubian Shield for gold deposits.
By the third quarter of 2014, AngloGold Ashanti had become the third-largest gold producer globally, trailing only Barrick Gold and Newmont Mining. In 2019, it earned recognition for its advanced technological mining practices coupled with strong adherence to safety standards.
In 2020, AngloGold Ashanti sold its remaining mining assets in South Africa to Harmony Gold for roughly R4.4 billion, thereby ceasing operations in South Africa while maintaining a listing on the JSE.
On 1 September 2020, CFO Christine Ramon assumed the role of interim CEO following Kelvin Dushnisky’s resignation amid shareholder dissatisfaction regarding his bonus payments. Alberto Calderon was appointed CEO and Executive Director exactly one year later.
As of May 2023, AngloGold Ashanti was ranked as the fourth-largest gold miner worldwide, holding assets across Ghana, Australia, the United States, and Argentina.
In January 2025, a report from a Ghanaian small-scale miners' association alleged that military personnel killed nine unarmed individuals at AngloGold Ashanti’s Obuasi mine site; however, the army stated that an armed confrontation with illegal miners had taken place. The company adheres to the principles outlined in the Voluntary Principles on Security and Human Rights.
Criticism
In August 2008, British nonprofit War on Want accused Anglo American, which then held a 17% stake in AngloGold Ashanti, of benefiting from human rights abuses in developing nations where it operates. The company disclosed substandard safety records at its platinum mines during both 2006 and 2008, leading to subsequent safety enhancements. In 2005, an exploration team affiliated with AngloGold Ashanti paid $8,000 to the FNI militia group in Ituri, which has been implicated in human rights violations.
In January 2011, AngloGold Ashanti was awarded the Public Eye Global Award at the Public Eye Awards held in Davos by organizations including Greenpeace and the Erklärung von Bern (Berne Convention). This award is often interpreted as a critique of corporate misconduct. The nominating organization WACAM (Wassa Association of Communities Affected by Mining) cited a record marked by "severe human rights abuses and environmental damage."
Colombia’s Truth Commission found AngloGold Ashanti accountable for funding paramilitary groups involved in violence against peasants and community leaders. Additionally, accusations have been made against the company concerning contamination of water sources and forced displacement impacting thousands in Colombia’s Cauca region.
Financial
Presented below are the company's financial metrics:
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |
| Revenue (in million US$) | 3,113 | 3,743 | 3,961 | ||||||
| Gold revenue (in million US$) | 2,393 | 2,646 | 3,002 | 3,619 | 3,768 | 5,334 | 6,570 | 6,353 | |
| Gross profit/loss (in million US$) | 109 | 277 | −248 | 594 | −578 | 1,082 | 2,623 | 2,256 | |
| Dividends per share (US cents) | 56 | 36 | 62 | 19 | 11 | 17 | 20 | 49 | 36 |
| Total cash cost (US$ per ounce) | 264 | 281 | 308 | 357 | 444 | 514 | 638 | 728 | 862 |
| Total production cost (US$ per ounce) | 332 | 374 | 414 | 476 | 567 | 646 | 816 | 950 | 1,078 |
| Number of employees | 65,400 | 63,993 | 61,453 | 61,522 | 62,895 | 63,364 | 62,046 | 61,242 | 65,822 |
Gold Production from 2004 to 2012
Annual gold output from the company’s mining operations measured in ounces:
| Mine | Country | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||
| Bibiani gold mine 1 | Ghana | 105,000 | 115,000 | 37,000 | ||||||||||||
| Brasil Mineração Gold Mine | Brazil | 240,000 | 250,000 | 242,000 | 317,000 | 320,000 | 329,000 | |||||||||
| Cerro Vanguardia Mine (92.5%) | Argentina | 211,000 | 211,000 | 215,000 | 204,000 | 154,000 | 192,000 | |||||||||
| Geita Gold Mine | Tanzania | 570,000 | 613,000 | 308,000 | 327,000 | 264,000 | 272,000 | |||||||||
| Great Noligwa Gold Mine | South Africa | 795,000 | 693,000 | 615,000 | 483,000 | 330,000 | 158,000 | |||||||||
| Iduapriem Gold Mine | Ghana | 125,000 | 174,000 | 167,000 | 167,000 | 200,000 | 190,000 | |||||||||
| Kopanang Gold Mine | South Africa | 486,000 | 482,000 | 446,000 | 418,000 | 362,000 | 336,000 | |||||||||
| Moab Khotsong mine 2 | South Africa |
192,000 247,000 |
||||||||||||||
| Morila Gold Mine (40%) | Mali |
207,000 180,000 170,000 137,000 |
||||||||||||||
| Mponeng Gold Mine | South Africa |
596,000 587,000 600,000 520,000 |
||||||||||||||
| Navachab Gold Mine | Namibia |
86,000 80,000 68,000 65,000 |
||||||||||||||
| Obuasi Gold Mine | Ghana |
387,000 360,000 357,000 381,000 |
||||||||||||||
| Sadiola Gold Mine (41%) | Mali | 174,000 | 168,000 | 190.00 | 140.00 | 172.00 | 135.00 | |||||||||
| Savuka Gold Mine | South Africa | 158.00 | 126.00 | 89.00 | 73.00 | 66.00 | 30.00 | |||||||||
| Serra Grande Gold Mine (50%) | Brazil | 94.00 | 96.00 | 97.00 | 91.00 | 87.00 | 77.00 | |||||||||
| Siguiri Gold Mine (85%) | Guinea | 83.00 | 246.00 | 256.00 | 280.00 | 333.00 | 316.00 | |||||||||
| Sunrise Dam Gold Mine | Australia | 410.00 | 455.00 | 465.00 | 600.00 | 433.00 | 401.00 | |||||||||
| Tau Lekoa Gold Mine 4 | South Africa | 293.00 | 265.00 | 176.00 | 165.00 | 143.00 | 124.00 | |||||||||
| TauTona Mine | South Africa | 568.00 | 502.00 | 474.00 | 409.00 | 314.00 | 218.00 | |||||||||
| Vaal River Surface Operations | South Africa | 119.00 | 95.00 | 113.0 | 125.0 | 92 | 164 | |||||||||
| Yatela Gold Mine (40%) | Mali | 97 | 98 | 141 | 120 | 66 | 89 | |||||||||
| Total | Global | 5,816 | 6,,166 | 5,,635 | 5,,480 | 4,,982 | 4,,599 |
- The production statistics represent AngloGold Ashanti’s proportional ownership; percentages denote equity interest.
- 1 The Bibiani mine was divested in December of 2006.
- 2 Production at Moab Khotsong commenced in the year 2006.
- 4 The Tau Lekoa mine was sold in August of 2010.
Fatalities
The issue of fatalities continues to be a critical challenge within South Africa's underground gold mining industry. In 2009, AngloGold Ashanti recorded 16 deaths, 13 of which took place in South Africa, reflecting a significant decline from the 27 fatalities reported in 2007. Under the leadership of CEO Mark Cutifani, the company launched a safety initiative aimed at eliminating fatalities by 2015, resulting in a 70% drop in fatality numbers since 2007. The annual fatality statistics since the company's establishment in 2004 are detailed below:
| Year | Fatalities | Percentage Change |
| 2004 | 31 | company inception |
| 2005 | 25 | 6% Positive decrease |
| 2006 | 37 | 48% Negative increase |
| 2007 | 34 | 8% Positive decrease |
| 2008 | 14 | 57% Positive decrease |
| 2009 | 16 | 14% Negative increase |
| 2010 | 15 | 16% Positive decrease |
| 2011 | 15 | |
| 2012 | 18 | 14% Negative increase |
See also
- Sam E. Jonah (former president of AngloGold Ashanti)
- Gold as an investment
Sources
- AngloGold's response to Human Rights Watch allegations (pdf), 2005.
- D.R. Congo: Gold Fuels Massive Human Rights Atrocities – Human Rights Watch article
- Anglo American: The Alternative Report
External links
- Articles with short description
- Pages with broken file links
- AngloGold Ashanti
- Companies based in Johannesburg
- Companies formerly listed on the Australian Securities Exchange
- Companies listed on the Ghana Stock Exchange
- Companies listed on the Johannesburg Stock Exchange
- Companies listed on the New York Stock Exchange
- Companies in the FTSE/JSE Top 40 Index
- South African companies established in 2004
- Gold mining companies of South Africa
- Non-renewable resource companies established in 2004
- Uranium mining companies of South Africa
- 2004 establishments in South Africa
- Gold mining companies of the Democratic Republic of the Congo
- Companies in the GSE Composite Index
- Non-renewable resource companies disestablished in 1999