BUSINESS MAVERICK Newsflash: AngloGold CEO unexpectedly steps down at crucial juncture in company’s history

AngloGold Ashanti CEO Kelvin Dushnisky will step down on 1 September, the company said on Thursday 30 July. His departure comes as the company sheds its last operational assets in South Africa and at a time when the precious metal’s price is near record highs – which should bring a smile to the face of any CEO in the sector.

“Kelvin leaves AngloGold Ashanti in solid shape, with robust cash flows aiding ongoing debt reduction,” AngloGold said. Dushnisky only took over in September 2018 and so his rather abrupt departure will raise some questions, especially as the company is in decent financial nick and the price for the commodity it produces, gold, is going through the roof.

AngloGold is in the midst of bringing its historic Obuasi mine, which at one point had been invaded by thousands of illegal miners, back to life. It is also in the process of shedding its last South African assets. Its Mponeng mine west of Johannesburg, the world’s deepest with gold extracted 4km below the planet’s surface, is on the verge of being transferred into the hands of Harmony Gold.

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