THE BOTTOM LINE
Intriguing new Canadian flavour infuses AngloGold
New blood brings experience learnt as president of Barrick, for years the world’s biggest gold miner
AngloGold Ashanti promises to look very different in coming years under the guidance of its new Canadian CEO, Kelvin Dushnisky. While radical changes to the company would need board and shareholder approvals, his vision for the company marks another change in the venerable SA gold miner, which in the past few years has largely discarded its domestic roots.
AngloGold has shut and sold mines in SA in the past year, leaving it with one underground mine, which is the world’s deepest at 4km below surface, and a tailings retreatment business. The rest of its assets are elsewhere in Africa, Australia and South America.
Dushnisky used the word “focus” a lot when quizzed about his vision for AngloGold, the world’s third-largest gold miner. He said the portfolio of 14 mines “feels heavy” and he wanted to see more concentration around existing assets where there was geological potential.
The vision is already playing out with Sadiola, a long-time asset in AngloGold, now potentially up for disposal.
While Dushnisky says SA’s Mponeng is a core mine, it has limited leverage when it comes to consolidating a footprint for exploration. There are other gold miners hungry for the tailings treatment business, which once an agreement to supply Franco Nevada with a quarter of the operations output lapses, becomes a very profitable business.
With new blood at the helm of AngloGold and the experiences learnt as president of Barrick Gold, for years the biggest gold miner, the company is headed on a new trajectory and will be one to watch.