Mining giant, AngloGold Ashanti, will move its primary listing to New York from the Johannesburg Stock Exchange (JSE).
The primary listing in the US, according to the firm, is expected to create enhanced access to the world’s deepest pools of capital, including the opportunity to improve share trading liquidity, adding “the structure builds on a position of strength with AngloGold Ashanti’s secondary listing in the US,
through the ADR programme, already generating around two-thirds of daily liquidity, despite US
investors currently holding approximately 35% of the share register”.
In a statement, AngloGold said the plan to move AngloGold’s primary listing will be put to a shareholders’ vote and requires at least 75% support from investors, Chief Executive Officer, Alberto Calderon said on a conference call.
AngloGold completed the sale of its South African assets in 2020, and said it would also move its corporate base to the United Kingdom.
Alberto Calderon, AngloGold Ashanti’s CEO said “we have been working on a number of fronts to unlock the significant potential that lies within – and beyond – our portfolio. The changes announced today
will complement the work already underway to reduce our cost of capital, enhance our cost competitiveness versus our peers and optimise our portfolio by providing improved access to the world’s largest capital markets and pool of gold investors.”
The gold mining giant has shifted its focus to more lucrative mines in Ghana, Tanzania, the Democratic Republic of Congo as well as Australia and Latin America. This is because mining in South Africa becomes more difficult and costly due to geological challenges.
South Africa is also struggling with severe power cuts that are ruining investors’ sentiment in Africa’s most industrialised economy.
AngloGold said it produced 584,000 ounces of gold in the first quarter of 2023, marginally lower than 588,000 ounces a year earlier.
It 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.
In March, AngloGold said it had agreed to merge its Iduapriem mine in Ghana with Gold Fields’ (GFIJ.J) neighbouring Tarkwa operation in a deal that could create Africa’s biggest gold mine, producing about 900,000 ounces annually for the first five years of the joint venture.
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