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AngloGold Ashanti wants to buy more small miners

AngloGold Ashanti would “continue to focus on smaller acquisition opportunities” CEO Mark Cutifani said on Monday reports Mining Weekly.

Positive exploration and brownfield projects prompted the Johannesburg-based company to shift away from bigger acquisitions:

AngloGold’s completion of five small, but high-value-yielding acquisitions over the past four years, including First Uranium’s Mine Waste Solutions mine in South Africa, was expected to add about 700 000 oz/y to its production profile at about two-thirds of the cost its competitors would pay to build new assets, Cutifani said.

AngloGold in July reported stronger than expected second quarter gold production of 1.07 million ounces, up 9% compared to the first quarter, boosted by its South Africa operations which achieved 18% better output.