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AngloGold's Cutifani unfazed by overhang Posted: Fri, 03 Aug 2007 [miningmx.com] -- MARK Cutifani, incoming CEO of AngloGold Ashanti, said he was untroubled at the prospect 41.6% of the company’s share capital was to be sold, possibly to another gold producer, by Anglo American. "I am here excited about the prospect of running AngloGold Ashanti. I just see the opportunity," he told journalists at a breakfast in Johannesburg. Anglo American confirmed in May it intended to sell its remaining shares in AngloGold Ashanti, worth about $5bn (R35bn), a target Cynthia Carroll, Anglo’s CEO, endorsed at the UK group’s interim results presentation. “Options continue to be examined to effect an orderly exit of the group’s 41.6% stake in AngloGold Ashanti,” Carroll said in a statement. Russell Edey, AngloGold Ashanti chairman, told Miningmx earlier this week the sale may be complete as early as this year. "I believe in the gold industry and I'm an optimist," said Cutifani, currently COO of CVRD Inco, an iron ore and base metals company. "I'm optimistic about the assets, the location of the company and the resource potential. I have to believe it will work out.” Commenting on potential merger and acquisitions in the cash-flush mining industry, Cutifani said: “It's the way of the world. If someone thinks we're interesting, and we're creating value for shareholders, it's not a bad conversation to be in.” Anglo American said the sale of the shares would be in an orderly fashion, but it's not known whether it would be to another gold producer, providing it with a potential takeover of AngloGold Ashanti. An alternative would be to put the shares into the open market. "My guess is that the shares will probably be gradually sold into the market," said Brenton Saunders, an analyst with Craton Capital. There were no obvious buyers among the ranks of the gold companies for them. Cutifani said the potential uncertainty about the ownership of those shares had not been a major consideration in taking up his job. "I am here excited about the prospect of running AngloGold Ashanti. I just see the opportunity." Although he had not met with Carroll, Anglo American representatives had been part of AngloGold Ashanti's nomination committee, he said. Click Here to subscribe to our daily newsletter
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