The AngloGold Ashanti Kelvin Dushnisky will lead a very different company to the one Srinivasan Venkatakrishnan headed as CEO, and the challenges facing him are mainly in Africa, which is the company’s largest source of gold. Dushnisky, a Canadian who joins AngloGold as CEO in September, leaving his role as Barrick Gold president, comes to a firm that has turned to an interim profit, has rising output and has cut its South African contribution to just 10% of the group’s annual gold output. Under the five-year stewardship of Venkatakrishnan, who joined AngloGold in 2004 when the company bought Ghana-focused Ashanti Goldfields in 2004, a crippling 12m oz hedge book was removed, costs were cut, assets were sold, South African mines closed or shut, and its debt burden brought down to manageable levels — all without resorting to asking shareholders to inject capital. AngloGold reported a post-tax profit of $43m for the six months to end-June from a loss of $165m in the same period a year...
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