AngloGold Ashanti’s strategy is unequivocal — if a mine or prospect doesn’t fit it goes. New CEO Kelvin Dushnisky has outlined that strategy, and in a clear sign that he’s not fooling around, two mines have been put up for sale in the past four months — the most recent the profitable Cerro Vanguardia mine in Argentina. He started his tenure six months ago saying the portfolio of 14 mines was “a bit heavy”. The strategy of the strongest possible balance sheet with stricter debt metrics, investment hurdle rates, capital allocation priorities and cost controls was clearly stated during Dushnisky’s maiden outing at AngloGold’s 2018 financial year-end results. Where does that leave SA’s Mponeng, the world’s deepest mine at 4km below surface? It’s not a rosy picture. The mine has an eight-year life after a $350m investment, but a decision to spend billions of rand more on giving the mine a 20-year life has to be made within two years. There is a host of prospects in AngloGold that do not ...

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