AngloGold Ashanti Ltd. Announces Executive Leadership Structure
May 21 13
AngloGold Ashanti Ltd. announced changes to its executive leadership team as a central part of its transition to streamline the business and deliver long-term, sustainable value to stakeholders. The executive committee structure is designed to ensure that the team is best positioned to address the strategy and current imperatives of the company. Specifically, the new structure brings the company’s operations under a joint Chief Operating Officer model, whilst offering the Chief Executive Officer strong technical support in his focus on key business imperatives; Clusters the Group’s operating regions under the two COOs, so that decision making and integration is seamless, while maintaining strong technical checks and governance oversight; fills the Chief Financial Officer role from within the current Executive Committee, while initiating succession planning for this role; and removes duplication and overlap across the company to ensure better efficiency and reduced costs. The Executive Committee restructuring now underway will see the CEO lead a team of nine executives (previously 12), structured as Mike O’Hare retains his leadership role of the South African operations as co-COO with responsibility for AngloGold Ashanti’s three operating regions in South Africa (West Wits, Vaal River and Surface Operations) and will continue to retain accountability for the company’s technology project in South Africa. Ron Largent takes on the role of co-COO, adding the Continental African operations to his current Americas portfolio, with the addition of the Australian operations once Tropicana completes its first gold pour later in the year. Mr. Largent will continue to lead the team aimed at removing $500 million from operating cost base within an 18 month period. Graham Ehm will continue to lead the Australian business until Mr. Largent takes over the Sunrise Dam and Tropicana operations, and will work closely with Mr. Anthony O’Neill as he takes on the role of Executive Vice President Planning and Technical, which will include oversight over safety, business planning, asset optimisation, capital investment optimisation and monitoring (including projects, studies, and exploration), Project ONE, risk management and other technical disciplines and related centres of excellence. David Noko continues in role as EVP Sustainable Development, with accountability for environment, community, health, security and special projects. Mr. Noko will support the CEO and COO’s on matters relating to AngloGold Ashanti’s involvement in industry institutions in South Africa and global institutions relating to sustainable development. Charles Carter will transition the Colombia business to Mr. Largent and will take on the role of EVP Strategy and Business Development, with accountability for the Group’s strategy, business development, corporate finance, investor relations, communications and will also deputize for the CEO in his absence. Mr. Carter will continue to work closely with Mr. Largent on the approach and strategy for the company’s activities in Colombia. Italia Boninelli continues in role as EVP People & Organisational Development, with accountability for the company’s System for People, Human Resources, corporate services and organisational redesign. Richard Duffy moves from his current Continental Africa role to take up the position of CFO, with accountability for Financial Accounting, Management Accounting, Treasury and balance sheet management, Group Taxation, and other financial matters. In terms of the JSE Listings Requirements, Mr. Duffy will also be appointed as an executive director of the Company. Both appointments will be effective 1 June 2013. The global search for a CFO announced on 8 May 2013 will continue, to find a successor to Mr. Duffy in due course. Ria Sanz takes on the role of EVP and continues as Group General Counsel and Company Secretary, with accountability for legal affairs, compliance, Company Secretarial and integrated reporting. Yedwa Simelane becomes EVP Stakeholder Relations and Marketing, with accountability for stakeholder and government relations, marketing and sustainability reporting. Ms Simelane will also support the Chairman and CEO’s offices in relation to government relations and the company’s involvement in multilateral organizations and the World Gold Council. Mr. Michael MacFarlane, who held the role of EVP Strategy and Business Planning, has decided to return to Canada to be with his family. Mr. Anthony O’Neill, who acted as joint interim Chief Executive Officer with Venkat following the departure of Mark Cutifani, remains on the company’s Board as an Executive Director and, as stated in first quarter earnings release on 13 May 2013, will revert to his role as EVP Business and Technical Development while assisting Mr. Ehm and Mr. Largent as they transition into their new roles.
AngloGold Ashanti Ltd. Appoints Richard Duffy as Chief Financial Officer Effective June 1, 2013
May 21 13
AngloGold Ashanti Ltd. in order to ensure segregation of roles and continuity within the executive team, Mr. Richard Duffy will be appointed Chief Financial Officer (CFO") of AngloGold Ashanti on June 1, 2013, to take over from Mr. Srinivasan Venkatakrishnan following his recent appointment as Chief Executive Officer of the Company.
AngloGold Ashanti Ltd. Announces Retirement of Directors
May 21 13
The shareholders are announced that Messrs WA Nairn, FB Arisman and F Ohene-Kena retired from the board of AngloGold Ashanti Ltd. at the annual general meeting of shareholders held on May 13, 2013.
Parties Interested In Navachab Mine
May 17 13
AngloGold Ashanti Ltd. (JSE:ANG) is planning sell its Navachab mine at Karibib as a going concern business. Alan Fine, Spokesperson of AngloGold Ashanti said there has already been a consultation process with employees, the Namibian government and the community. Reports of a 'junior miner' possibly buying the mine were not refuted by Alan Fine, neither were they confirmed. "We can't disclose who the parties that have expressed interest and have been shortlisted are, but yes, one would imagine that bidders are likely to be smaller companies. That is obviously not the sole consideration. Considerations are rather based on our assessment of the capacity of interested parties to operate the mine," Alan Fine said.
B2Gold Still Interested To Acquire Navachab Gold Mine
May 16 13
B2Gold Corp. (TSX:BTO) is still interested to acquire Navachab gold mine in the Erongo Region from AngloGold Ashanti Ltd. (JSE:ANG). B2Gold's Spokesperson, Gretha du Plessis, told New Era on May 15, 2013, "B2Gold has publicly stated their interest in obtaining Navachab since entering Namibia and we continue to evaluate whether or not the project makes sense as part of B2Gold's global strategy." As per AngloGold Ashanti, the Namibian operation will be sold as a going concern to minimise any adverse affects on the Namibian workforce. Alan Fine, Spokesperson for AngloGold Ashanti did nor diclose the price and added that he could not disclose the parties that have submitted bids or that have been short-listed to purchase Navachab.