Today's Labour News

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anglogoldashantiBL Premium reports that AngloGold Ashanti CEO Kelvin Dushnisky insists that the company’s decision to sell its last remaining SA gold mining assets is "not an indictment" of SA.  

The decision to sell its last deep-level SA mine and two tailings retreatment operations was motivated by a practical business choice about where to find the best returns, Dushnisky said on Thursday.  "This is not a statement about not investing in SA ... It’s not an indictment of SA as an investment destination.  It’s very specific to the asset," Dushnisky stated.  The new investment metrics Dushnisky implemented at AngloGold since he started eight months ago apparently meant Mponeng simply did not match up to those targets.  AngloGold would retain a listing in Johannesburg — possibly not a primary one though — and keep a presence in the city, where Dushnisky said there were world-class skills it wanted to retain.  While Sibanye-Stillwater and Harmony Gold were logical owners of Mponeng, owning the nearby Driefontein and Kusasalethu gold mines, there was the option of a Chinese buyer wanting the assets, said Nedbank analyst Arnold van Graan.  The National Union of Mineworkers (NUM) said any sale had to protect workers at the assets and keep their conditions of employment.  "This doesn’t come as a surprise. AngloGold has in recent years sold or shut most of its other SA mines after using their profits to build and buy mines overseas," said NUM spokesperson Livhuwani Mammburu.

  • Read the full original of Allan Seccombe’s report in the above regard at BusinessLive (paywall access only)

Get other news reports at the SA Labour News home page