|
|
South Africa: Discount Dilemma
 |
 |
|||||||||
|
||||||||||
|
|
|||||||||
|
||||||||||
Business Day (Johannesburg)
COLUMN
7 May 2008
Posted to the web 7 May 2008
Johannesburg
ANGLOGOLD Ashanti CEO Mark Cutifani yesterday said its portfolio of gold properties was better than that of North American gold producers -- which were more highly rated.
He said he had listened to shareholders and put in place a strategy to deliver value. This included addressing the hedge book and increasing reserves and resources through its exploration programme.
"The hedge book has created a lot of noise that has not helped us in the current gold price environment," he said.
|
Although the South African assets were mature, that did not mean maximum value had been extracted from them yet, he said. AngloGold considered the rest of Africa a major growth area, and it held a good portfolio there. It also hoped to double production from Australia and to increase output from North and South American mines to 600000oz a year from 400000oz at present.
Still, whether Cutifani can wholly address the discount is arguable. At least part of it reflects foreign investor uncertainties about the complex operating environment in SA.
Global investors understand North America far better.
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Copyright © 2008 Business Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
