Should the spinoff happen, AngloGold would be the latest miner to reduce exposure to South Africa, where political instability, controversial new mining rules and a stronger rand have made it less attractive to operate.
AngloGold Ashanti Mining News
The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.
The miner said it continues to seek a “constructive dialogue” with the country's government to gain assurance that its operations will not be affected by newly enacted mining law.
President John Magufuli has also ordered the mining ministry to freeze the renewal of expired permits.
Measure is part of a restructuring aimed at “protecting the viability” of the company’s South African business over the long-term, AngloGold said.
The junior miner claims the Department of Antioquia's mining authority did not process its exploration application in accordance with the country’s mining code.
Workers at the mine downed tools over a week ago, angered by the company’s actions to eradicate illegal miners from its operations.
The country will require local miners to be 30% black-owned and has set a 12-month deadline for them to comply with the new rules.
Companies are pressing the government to better regulate public consultations and votes on mining projects, as they see legal uncertainty as the industry's main current challenge.
$2 billion La Colosa project boasts reserves of over 25m ounces of gold.
Gold price under pressure.
The lawsuit is against the government's order to Gran Colombia Gold to halt its Marmato project until it has further consulted with local residents.
The 10 largest gold mining companies produce 30% of the world's gold and enjoy some of the sector's fattest margins.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Only three of the world's largest gold producers managed to lift output in 2016 – Barrick loses 600,000 ounces of annual production but slashes costs.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
Work on AngloGold Ashanti's Mponeng gold mine in South Africa started in 1981 – a brownfield expansion project will extend the mine's life beyond 2050.
The Canadian junior explorer argues its exploration application was not processed in accordance with the country’s mining code.
Mines minister Mosebenzi Zwane noted that 19 of the 73 miners who died in South Africa last year lost their lives at operations run by those companies.
The junior miner claims the mining authority did not process its exploration application in accordance with the country’s mining code.
Safety related stoppages in South Africa take part of the blame for year-on-year fall in production at world's third largest gold miner.
Experts say Ghana's government is unlikely to do anything before the upcoming presidential election on Dec. 7 for fear of losing votes.
They will appeal verdict that paved the way for about half a million current and former miners to proceed with a multi-million-dollar suit, which seeks compensation for those who contracted lung diseases.
The world’s third-biggest gold miner said its net earnings will also benefit from weaker operating currencies in South Africa, Brazil, Australia and Argentina.
The class action the firms want to appeal paves the way for thousands of current and former miners suffering from silicosis and tuberculosis to seek damage compensation from the companies.