Type Public company Area served Worldwide | Industry Mining Founded 2004 | |
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Products GoldSilverUranium oxide Stock price ANG (JSE) 15,320.00 ZAC -181.00 (-1.17%)24 Feb, 5:10 PM GMT+2 - Disclaimer CEO Srinivasan Venkatakrishnan (8 May 2013–) COO Chris Sheppard (South Africa), Ron Largent (International) Executive vice president Charles Carter (Strategy, Business Development) | ||
The case of the anglogold ashanti iduapriem mine in ghana
AngloGold Ashanti Limited is a global gold mining company. It was formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation.
Contents
- The case of the anglogold ashanti iduapriem mine in ghana
- Anglogold ashanti ang
- Company history
- Criticism
- Financial
- Gold production
- Fatalities
- References
AngloGold Ashanti Limited is now a global gold producer with 21 operations on four continents. The company is listed on the New York, Johannesburg, Accra, London and Australian stock exchanges, as well as the Paris and Brussels bourses.
In 2008, AngloGold produced 4.98 million ounces of gold from its operations, estimated to be seven percent of the global production. In 2009, the company's gold output dropped to 4.6 million ounces. As of the third quarter of 2014, Anglogold was the world's third-largest producer of gold, behind Barrick Gold and Newmont Mining.
Anglogold ashanti ang
Company history
The company was formed on 26 April 2004, after the High Court of Ghana approved the merger of AngloGold and the Ashanti Goldfields Corporation three days earlier. This came almost a year after the merger was announced on 16 May 2003. In the transaction, Ashanti shareholders received 0.29 ordinary shares of AngloGold for every Ashanti share.
The new company sold its Union Reef Gold Mine in the Northern Territory of Australia in August 2004, followed by the sale of the Freda-Rebecca Gold Mine in Zimbabwe a month later.
In late 2007, Mark Cutifani replaced Bobby Godsell as CEO of AngloGold Ashanti, being appointed a director of the company on 17 September 2007 and as CEO on 1 October that year.
In January 2009, AngloGold Ashanti sold its 33% stake in the Boddington Gold Mine in Australia to Newmont Mining for US$1.0 billion.
Russell Edey, chairman of AngloGold since 2002 and, after the merger also of AngloGold Ashanti, was replaced by Tito Mboweni in May 2010. The company's Tau Lekoa Gold Mine in South Africa was sold to Buffelsfontein Gold Mines Limited in February 2009, with ownership being transferred on 1 August 2010.
The company announced the elimination of the last of its hedge book in October 2010. The company had hedged 11.3 million ounces of gold, as of early 2008, under previous CEO Bobby Godsell. Under its new CEO, this was gradually reduced to 3.22 million. In October 2010, this remaining amount was paid off with US$2.63 billion, or US$1,300 per ounce of gold.
AngloGold Ashanti is a signatory participant of the Voluntary Principles on Security and Human Rights.
Criticism
In August 2008 British charity War on Want published a report accusing AngloGold Ashanti's parent company Anglo American of profiting from the abuse of people in the developing countries in which the company operates. The report alleges abuses committed by AngloGold Ashanti subsidiaries in Colombia, Ghana and Mali. War on Want stated that AngloGold Ashanti was accused in 2008 in Colombia of "murders of trade union and community leaders who opposed the company's activities in the region". The company disclosed itself in 2006 or in 2008 for unacceptable safety performance in its platinum mines. Safety measures were taken. Additionally, in 2005 the staff of the AGA exploration team in Ituri made an US$8,000 payment to the FNI, which had been accused of committing various humans rights abuses.
In January 2011, AngloGold Ashanti was named the world's "Most Irresponsible Company" at the Public Eye Awards hosted with Greenpeace in Davos, Switzerland by the Erklärung von Bern, known in English as the Berne Convention. The nominating organisation, WACAM (Wassa Association of Communities Affected by Mining), said the company had a history of "gross human rights violations and environmental problems."
Financial
Financial figures for the company:
Gold production
Gold production figures for the company's mines since 2004 in ounces per annum were
Fatalities
Fatalities in the South African gold mining industry, especially the underground mines, are common. As of 2009, 100 to 120 were reported every year. This did represent an improvement since 2007: AngloGold Ashanti has reduced the number of fatalities in its operations by 70%. One of the main reasons for this development was a program led by CEO Mark Cutifani aimed at reducing the company's number of fatalities to zero by 2015. Of the 16 fatalities experienced by the company in 2009, 13 were in South Africa (2007: 27 of 34, 2008: 11 of 14). Statistics company fatalities since 2004 founding: