AngloGold Ashanti shareholders approve South Africa exit

Anglogold Ashanti (AGA) shareholders on Friday voted in favour of the miner's plans to switch its primary listing from Johannesburg to New York, the company announced, clearing the way for its exit from South Africa.

By Nelson Banya

21 Aug 2023

A small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration taken November 2021. Source: Reuters/Dado Ruvic

More than 98% of AGA shareholders approved the switch, exceeding the required majority of at least 75% at a virtual meeting held on Friday, the company said in a statement.

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The proposed reorganisation also includes the relocation of AGA's headquarters to London from Johannesburg.

AGA, the forerunner of which was founded by industrialist Ernest Oppenheimer a century ago, completed the sale of its South African mines in 2020.

As the geological challenges of some of the world's deepest gold deposits make mining in South Africa more difficult and costly, the company has shifted its attention to more lucrative mines in Ghana, Tanzania and the Democratic Republic of Congo, as well as Australia and the Americas.

AGA CEO Alberto Calderon has said a primary listing in New York would give the miner access to the world's biggest pool of gold capital.

Source: Reuters

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