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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Business sees long and hard road for SA’s economic recoveryBusiness for SA has warned that the country’s economic recovery could take two years or longer because the economy was already weak at the start of 2020 and before the highly contagious virus was imported.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Stocks Mixed Before Fed; Treasuries Keep Advance: Markets WrapAsian stocks struggled for a clear direction as investors awaited the conclusion of the Federal Reserve’s policy meeting. Treasuries held overnight gains and the dollar steadied.
Source: dailymaverick - 🏆 3. / 84 Read more »