AngloGold Ashanti

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Type Public Limited Company
Traded as LSE: AGD
Founded 1944[1]
Headquarters Johannesburg (South Africa)[1]
Key People Mark Cutifani (CEO)[1]includeonly>
Products Oil and gas exploration.
Employees 62,046 (2011)[1]
Website www.anglogold.co.za


Company Profile

South Africa-based AngloGold Ashanti Limited explores for and produces gold, as well as producing silver, uranium oxide and sulphuric acid. As of 2011 the company had gold mining operations in South Africa, continental Africa (Ghana, Guinea, Mali, Namibia, and Tanzania), Australia and the Americas (Argentina, Brazil and the US). In addition it had mining or exploration operations in the DRC, Guinea and Colombia.

As of the end of 2010 the company had total proven and probably gold reserves of 71.2 million ounces.[1] In 2012 CEO Cutifani commented that the company was seeking development opportunities in Brazil, where there was favourable geology and where the company feels it is better able to connect with local communities than in some other countries.[2]

The company's primary stock market listing is in Johannesburg but is also listed in New York, Australia, London, Paris, Brussels and Ghana.[3]

Company History

The birth of the company dates back to the formation of Ashanti Goldfields Corporation in 1897 and started operations in Ghana (then known as the "Gold Coast"). Over 100 years the company produced $10 billion dollars' worth of gold at today's prices.

The AngloGold Ashanti we know today was formed in 2004 as a result of the merger of AngloGold Limited with Ashanti Goldfields Company Limited. AngloGold, formerly Vaal Reefs Exploration and Mining Company Limited, was incorporated in South Africa in 1944.[4]

Official Accreditations and Global Perceptions

EITI

AngloGold Ashanti supports the EITI through its membership of the ICMM.[5]

UN Global Compact

AngloGold Ashanti has been a participant in the UN Global Compact since 2004.[6]

CSR Review

According to AngloGold Ashanti's official website, the following efforts and achievements can be highlighted:

  • The company's injury frequency rate fell year on year between 2006-10, and between 2007-2008 there was a decrease of 59% in the number of fatal injuries and a 20% reduction in the all injury frequency rate.
  • Since the implementation of the company's Voluntary Principles on Security and Human Rights (VPSHR) there has been an improvement in the ability to deal with incidents of community unrest in a way which ensures that these do not escalate and do not result in injury to community members. During 2010 there were 12 protest actions by community members at AngloGold Ashanti operations, none of which resulted in serious injury to community members or security service providers.
  • Stakeholder engagement took place at all advanced exploration sites during 2010 and particularly at the Tropicana Gold Project in Australia.
  • During 2010 and early 2011 the company undertook a number of energy efficiency projects to improve the control and management of the compressed air and cooling systems for deep underground mines in the South Africa region.[7]

External Coverage

  • In 2011 AngloGold Ashanti received the award of "Most Irresponsible Company in the World" at the Public Eye Global Awards, a title won in 2009 by Newmont Gold Ghana Limited, justified by reports of poor environmental and human rights legacies in Ghana.[8]

Global Operations by Country

Ghana

Main article: AngloGold Ashanti Operations in Ghana

References

  1. 1.0 1.1 1.2 1.3 1.4 ANGLOGOLD ASHANTI LTD " Bloomberg, retrieved 10 February 2011
  2. AngloGold Ashanti puts in $1.6 billion for growth" Ghanaian Chronicle, retrieved 10 February 2011
  3. Information on the Company" AngloGold Ashanti, retrieved 10 February 2011
  4. AngloGold Ashanti" IDE-JETRO, retrieved 10 February 2011
  5. AngloGold Ashanti" EITI, 18 April 2011
  6. AngloGold Ashanti" UN Global Compact, retrieved 10 February 2012
  7. Sustainability" UAngloGold Ashanti, retrieved 10 February 2012
  8. AngloGold Is World’s Most Evil Company" Ghana Web, 30 January 2011