[miningmx.com] — Johannesburg – ANGLOGOLD ASHANTI LIMITED, the world’s third-largest gold producer, said on Thursday that it was restructuring its black economic empowerment (BEE) transaction to ensure it benefits its South African employees.
The government has set a target for South African mining firms to be 26% black-owned by 2014.
“The total incremental accounting cost … which is subject to shareholders’ approval, is around R120.5m,” it said.
AngloGold is Africa’s largest gold miner.
It said the impact on adjusted headline earnings, the main profit measure in South Africa, and net asset value per share would be 0.4% and 0.2% respectively.
“The principal component of the restructured transaction is the proposed reinstatement over the next three years of a total of some 1.37 million E Ordinary shares (“E shares”), that have either lapsed or are expected to lapse without realising the anticipated value for their holders,” it said.
“This is largely due to the market and economic circumstances (including the performance of the company’s share price in rand terms) which have prevailed since the launch of the BEE transaction in 2006,” it added.
