AngloGold Ashanti

John Parker
Sir Thomas John Parker
August 27, 2016
Trafigura logo
Trafigura Beheer BV
August 23, 2016

AngloGold Ashanti

AngloGold Ashanti logo
  • Year Founded: 2004 (by merger)
  • Key Founding Individuals: Robert Michael “Bobby” Godsell, CEO of AngloGold 1998-2007
  • Key People: Tito Mboweni, Chairman of the Board; Srinivasan Venkatakrishnan, CEO
  • Mined Resources: Gold, silver, uranium-oxide
  • Operational Regions: Worldwide. Headquarters in Johannesburg, South Africa

AngloGold Ashanti has 17 established gold mines in 9 countries and various exploration programmes. It ranks third internationally in terms of production.

History

AngloGold Ashanti was formed by merger between AngloGold and the Ashanti Goldfields Corporation in 2004. Although the merger was announced in 2003, it was only approved by the Ghanaian judiciary a year later. Ashanti shareholders were awarded 0.29 ordinary shares of AngloGold for every Ashanti share they owned.

Company Mission and Vision

AngloGold Ashanti’s five key objectives supporting its core business strategy are as follows:

“Focus on people, safety and sustainability”; “Optimise overhead, costs and capital expenditure”; “Improve portfolio quality”; “Ensure financial flexibility”; and “Maintain long-term optionality”.

The company is committed to responsible corporate citizenship, its behaviour should reflect its values and concern for all stakeholders. It believes that the wellbeing of society and the natural world is crucial to the continued success of its business. It endeavors to operate sensitively and partner with communities to create a sustainable symbiosis.

Sustainability is a core value. Its strategy acknowledges the evolving global landscape and recognizes that its ability to achieve sustainable outcomes is inseparable from its relationship to and impact on people, the planet, and the economy. With macro and micro business environments becoming increasingly complex, the expectation that business should contribute meaningfully to social, economic, and environmental development and preservation is increased.

The mining industry holds the potential to act as a catalyst for development, AngloGold Ashanti intends creating a legacy of sustainable development for its shareholders and stakeholders alike. It recognizes that collaboration is a key factor in determining the success of this undertaking.

AngloGold Ashanti’s sustainability framework is designed to facilitate the formation of effective cross-functional working relationships whilst embodying the philosophy that sustainable outcomes are only achievable through the integration of theory and practice throughout the organisation.

AngloGold Ashanti’s main focus areas include:

• Safety, Security and Health – The company places people first, valuing their safety.

• Trust and Credibility – Its priority is to operate ethically by demonstrating sincere intentions and delivering on its commitments, thus fostering trust between itself and host communities.

• Socio-Economic Development – It strives to share its value with the communities in which it operates.

• Environment – It is committed to responsible stewardship by monitoring, managing, and minimising its impact on the natural environment.

• Good Governance – The company's corporate strategies, standards, and guidelines provide the framework for its systems, which are designed to enable effective execution whilst maintaining integrity with accountability in governance.

• Progress and Assurance – It values timely, accurate, and transparent sustainability reporting.

Founder and Management

Bobby Godsell was CEO of AngloGold prior to the merger and continued in this role at AngloGold Ashanti until late 2007 when he was replaced by Mark Cutifani, who was appointed Director a few months prior to being made CEO. Tito Mboweni replaced the former chairman, Russell Edey, in 2010.