How it started
History
AngloGold Ashanti 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. AngloGold had been a gold mining company based in South Africa, majority-owned by the Anglo American group. 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 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 early 2008, the company had hedged 11.3 million ounces of gold, under previous CEO Bobby Godsell.
In 2009, AngloGold Ashanti sold its 33% stake in the Boddington Gold Mine in Australia to Newmont Mining for US$1.0 billion and the company's Tau Lekoa Gold Mine in South Africa was sold to Buffelsfontein Gold Mines Limited with ownership being transferred on 1 August 2010.
In May 2010, Russell Edey, chairman of AngloGold since 2002 and, after the merger also of AngloGold Ashanti, was replaced by Tito Mboweni. In October 2010, the company announced the elimination of the last of its hedge book. Under its new CEO, it gradually reduced the hedge to 3.22 million ounces of gold. In October 2010, this remaining amount was paid off with US$2.63 billion, or US$1,300 USD per ounce of gold.
In 2011, AngloGold Ashanti moved into Eritrea to explore the Arabian-Nubian Shield for gold through a 50/50 joint venture set up in 2009 with Thani Dubai Mining. As of the third quarter of 2014, Anglogold was the world's third-largest producer of gold, behind Barrick Gold and Newmont Mining. As of 2019, the company was claimed to be the 'most sophisticated and technologically advanced' mining operations with strict adherence to safety regulations.
From Wikipedia’s article on AngloGold Ashanti, shared under CC BY-SA 4.0.3