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Mark Cutifani, CEO AngloGold Ashanti
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AngloGold weighs splitting asset portfolio

Reuters | Mon, 08 Mar 2010 14:12
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[miningmx.com] -- AngloGold Ashanti, the world's No. 3 gold producer, said on Monday the group would consider splitting its global portfolio, and would make a decision on this in the next 12 to 18 months.

AngloGold Ashanti's Chief Executive Officer Mark Cutifani told the Reuters Global Mining and Steel Summit the group, which has 21 operations on four continents, also wants to grow its footprint in the Americas, and was seeking an acquisition.

"If we have to slice the portfolio to get value to shareholders, then that is what we will do," Cutifani said.

"We will look at re-packaging our portfolio, and we will keep that option open for the next 12 to 18 months."

Cutifani also said AngloGold, Africa's top gold producer, would this year seek to change its name to remove the link to global miner Anglo American Plc. Anglo no longer has any shareholding in the South African based gold producer.

It hopes to unwind its hedgebook sooner than its previous target of 2014, and forecast a steady increase in output.

AngloGold plans to settle about 800,000 ounces of gold each year for the next five years.

Cutifani said gold would trade between $1,000 to $1,200 an ounce this year, and anything under $1,100 an ounce presented the company with an opportunity to trim the forward sales, which are among the biggest among its peers.

"In the last 2 years we have hit all of our hedgebook reduction targets, in fact we've done a bit better," he said.

"I would say a reasonable target for this year would be to do 200,000 ounces better -- you will quickly start to erode that hedgebook, which would leave you with an opportunity maybe in 18 months, two years time when you could settle it fairly quickly."

Cutifani forecast the group's production in 2011 would be between 4.8 to 5.0 million ounces from the estimated 4.6 million ounces this year.



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