(Bloomberg) — AngloGold Ashanti Ltd.’s acting Chief Executive Officer Christine Ramon said the world’s No. 3 gold miner won’t be rushed into deals as the industry braces for another round of mergers and acquisitions.
AngloGold won’t focus on scale for “the sake of it,” Ramon said during a panel discussion alongside the CEOs of Barrick Gold Corp. and Sibanye Stillwater Ltd., both proponents of consolidation.
Barrick and Newmont Corp. led a wave of mega deals two years ago and there are expectations that miners, flush with cash, will again look to expand through acquisitions.
“It’s important that you do have critical mass, scale to fund yourself, and to have the capabilities within your portfolio to keep driving that value,” Ramon said.
“We have that already. We have got significant optionality in our portfolio so we don’t have to do deals every two years to buy optionality.”
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