The move will give it access to cheaper capital and should improve its valuation.
It’s goodbye Joburg and hello New York as JSE stalwart AngloGold Ashanti moves its primary listing to the New York Stock Exchange next week.
The Public Investment Corporation is AngloGold’s single largest shareholder, with just short of 16%. This is the latest chapter in the storied history of the Anglo American combine. What was once a pillar of the SA economy with a formidable presence in everything from paper to chemicals and banking was broken up in stages, with AngloGold Ashanti being spun out of Anglo American in 2007 to forge its own path as a focused gold producer. It no longer has any operating assets in SA, having disposed of its last remaining SA assets, including the Mponeng Gold Mine, in 2020.
When Anglo merged with Ghana’s Ashanti Gold to form AngloGold Ashanti in 1998, it became the world’s largest gold producer. It has since vacated that rostrum to Newmont, Barrick Gold and others. Earlier this year, it announced a proposed joint venture with Gold Fields, combining two world-class mines located in Tarkwa in Ghana that are capable of producing 900 000 ounces of gold over the first five years.The only other major deal announced recently was the $370 million purchase in 2022 of Canadian mineral exploration company Corvus Gold, which neighbours its own projects in Nevada in the US.
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