AngloGold Ashanti Ltd., the global gold mining company, has announced its departure from South Africa to London and listing shift to the New York Stock Exchange.
This announcement has been viewed as a setback for the nation because it coincided with reports that it is arming Russia and has a weak currency.
- According to AngloGold CEO Alberto Calderon, the South African government knew the strategic justifications behind the company's relocation and divestiture.
- In Johannesburg, the company's shares dropped, and obtaining the support of 75% of shareholders — including 40% South African investors — is considered a crucial obstacle for the move.
- By gaining access to the world's most important financial markets and gold investor pool through a New York listing, AngloGold hopes to optimize its portfolio and increase cost competitiveness.
- The size and economic significance of the South African gold sector have decreased, and AngloGold's attention has switched to more lucrative activities elsewhere.