Centamin could shine up AngloGold
The deal, which analyst Arnold van Graan calls ‘transformative’, makes AngloGold one of the top four global producers
AngloGold Ashanti’s surprise $2.5bn swoop on UK-listed gold miner Centamin ushers in a new phase for Alberto Calderon, who marks his third year as CEO of AngloGold this month. He has flown the flag for a conservative, cost-cutting strategy of existing assets, but it’s probably safe to assume that approach has reached its limits.
Centamin owns about 80% of Sukari, a mine in Egypt that is scoped to produce about 470,000oz this year (the other 20% is owned by the Egyptian government). That production will make AngloGold a 3-million ounce a year gold firm — making it the fourth largest in the world — and give it freer rein to sell the less competitive mines...
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