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.
AngloGold Mining News
The world’s No. 3. gold producer may have contravened black economic empowerment rules tied to its mining rights when it awarded a 4.5 percent stake to employees instead of 6 percent.
It is very important that we can see the assets in our mix have long-term potential and to the extent that they don't or there is other strategic reasons to disinvest, we will do that.
The miner has completed the first week of underground development blasting at its Obuasi mine, in Ghana.
Executives, investors and government officials meet in Cape Town this week at the African Mining Indaba, the continent’s biggest gathering of one of its most essential industries.
After years on the sidelines, gold producers are suddenly the mining world’s hottest topic as the industry gathers in Cape Town this week.
AngloGold is considering hiving off its South African operations and listing in London or Toronto.
“The question becomes now, will there be a domino effect?”
Listing in London would give AngloGold exposure to a big pool of investors with very few options to buy into gold equities.
AngloGold says it has started the process of selling the Sadiola mine, a joint venture with IAMGOLD.
Toronto-based Barrick announced it would purchase Randgold for a spectacular $6 billion.
Three-year wage deal may inch the country's gold industry a closer to ending a standoff over pay.
The country's environmental protection agency has issued permits for AngloGold's Obuasi mine, paving the way for its redevelopment.
The parties said they believed an out-of-court settlement was far preferable for all concerned than an inevitably lengthy and expensive litigation process .
Most claimants are black miners from South Africa and neighbouring countries such as Lesotho, whom critics say were not provided with adequate protection during and even after the Apartheid ended in 1994.
Agarwal, who has been hunting for a new Vedanta CEO for more than a year, has consistently sought talent from the world’s biggest miners.
Mining companies operating in the country vigorously oppose new code to be signed into law.
Obuasi is expected to start gold production by the third quarter of 2019.
The $300 million deal, which incorporates the Great Noligwa underground mine and related infrastructure, is expected to boost Harmony's operational cash flow by 60%.
It will sell its newest mine to Harmony Gold for $300 million and another mine for 100 million rand ($7.4 million) to China's Heaven-Sent SA Sunshine Investment Company.
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.
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.
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.