Miner AngloGold Ashanti will move its primary listing to New York from the Johannesburg Stock Exchange (JSE), it said on Friday. The firm completed the sale of its South African assets in 2020, said it would also move its corporate base to the United Kingdom. The gold miner has shifted its focus to more lucrative mines in Ghana, Tanzania, the Democratic Republic of Congo as well as Australia and Latin America as mining in South Africa becomes more difficult and costly due to geological challenges posed by mining some of the world’s deepest gold deposits. South Africa is also struggling with severe power cuts that are souring investors’ sentiment in Africa’s most industrialised economy. The company maintained its production guidance for 2023 at between 2.45 million and 2.61 million ounces. Its all-in sustaining cost guidance for the year also remains $1.450 per ounce.
AngloGold’s Shift from South Africa
- AFRICA TOP 10
- 1 min read