AngloGold Ashanti, the world’s third-largest gold miner, has started the shakeup of its global mining portfolio, putting its shared Malian mine up for sale as new CEO Kelvin Dushnisky says 14 mines “feel a bit heavy”.
Dushnisky, a Canadian who was president of Barrick Gold until two months ago, replaced AngloGold stalwart Srinivasan Venkatakrishnan, who drove a tough programme of selling and closing mines, cutting costs and reducing debt as well as triggering a $450m-$500m investment in restarting the problematic and suspended Obuasi mine in Ghana.
”It’s not about the specific number of mines, but as I survey the landscape, what I’d like is for us to consider whether there are assets that are valuable but which could have more value in another company’s portfolio and allow us to take proceeds from a divestment and reinvest it in our portfolio,” Dushnisky said in an interview.
AngloGold’s 14 mines span Africa, Australia and South America. “I’m all about focus. We want to put our attention into areas where we want to generate a critical mass, areas where we see strong geological potential, ore body optionality to allow us to extend mine lives and increase margins. It would be a constant review and portfolio management as we go forward.
“There’s some opportunity to tighten up the portfolio a little. We’ve initiated a process to review our strategic options around the Sadiola mine. That is a good example of what I’m describing.”
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