AngloGold sells another mine as new CEO tightens grip
Kelvin Dushnisky has put a second mine up for sale as he tackles an ‘asset heavy’ portfolio of 14 mines
AngloGold Ashanti put a second mine up for sale as new CEO Kelvin Dushnisky makes his presence felt. The Cerro Vanguardia mine in Argentina joins Sadiola in Mali on the selling block as Canadian Dushnisky tightens AngloGold’s portfolio six months into the job. “It’s not going to be a big bang approach,” he said on a media call in his maiden results presentation, calling the portfolio “asset heavy”. “It can benefit from streamlining,” he said. “There will be no fire sales. It will be systematic and measured. We are considering divestments for strategic reasons. Our balance sheet and liquidity are in great shape, so we’re not pressed into anything.” Cerro Vanguardia, which has been in the AngloGold portfolio for two decades and remains a profitable asset, is a standalone mine and there was no option to build critical mass around it as the new strategy demanded, Dushnisky said. Asked if Mponeng and its tailings business in SA were also up for sale, Dushnisky said the world’s deepest mi...
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