Two decades ago, Anglo American created the world’s No 1 gold miner by merging its South African assets. Having long since been eclipsed by its rivals, AngloGold Ashanti it may need to leave home to keep up. Newmont Mining and Barrick Gold have forged megadeals that will extend their lead over AngloGold. Saddled with Mponeng, the world’s deepest mine in a dying South African industry that’s struggling to contain costs, the third-biggest producer could boost its value by leaving the country, said Rene Hochreiter, analyst at Noah Capital Markets in Johannesburg. “Their best bet is to get out of SA and leave Mponeng behind,” he said. “The costs never come down in South African gold.” That would be the final step in AngloGold’s gradual withdrawal from SA. The country contributed just 14% of its output in the third quarter of 2018, down from 26% a year earlier, after the company sold and shut mines to stem losses. Now AngloGold is considering hiving off its South African operations and l...

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