"AngloGold plans to switch primary listing to NYSE"

" \r\n\r\n AngloGold plans to switch primary listing to NYSE \r\n\r\n \r\nAngloGold Ashanti Ltd. is speeding its retreat from South Africa, where the gold miner was formed more than a century ago, with plans to list in New York and make London its new headquarters.\r\n\r\nAngloGold sold its last mine in the country in 2020, marking an exit from South Africa for a company that emerged from a mining empire created by Ernest Oppenheimer. By listing in New York, AngloGold will shift to the epicenter of the gold industry, making it easier to tap capital and narrow the discount the company\u2019s shares trade at to larger rivals Barrick Gold Corp. and Newmont Corp.\r\n\r\nThe move by AngloGold is a fresh blow to South Africa in a week when the rand slumped to a record low amid allegations the country supplied weapons and ammunition to Russia. AngloGold has mulled a new listing for years, but faced pressure from the government while it still had assets in the country. The gold miner has the seventh-largest weighting in the benchmark FTSE\/JSE Africa All Share Index.\r\n\r\nAngloGold\u2019s Chief Executive Officer Alberto Calderon said the company had already had extensive talks with the South African government.\r\n\r\n\u201cThey understood that there is a moment in time for companies when it\u2019s time to invest in countries and then there\u2019s a moment for strategic reasons to divest and move elsewhere,\u201d he said.\r\n\r\nAngloGold\u2019s shift comes during a tumultuous time for the wider gold industry. A series of mega deals has created two industry behemoths in Barrick and Newmont that now dwarf one time rivals like AngloGold.\r\n\r\nNewcrest Board Backs $19.5 Billion Newmont Gold Takeover\r\n\r\nAngloGold hopes that by listing in New York, where many of its investors are already based, the company will be more easily able to tap capital. It also sees a primary listing there as a way to narrow the discount that the company\u2019s shares trade at to larger rivals such as Barrick.\r\n\r\n\u201cThe changes announced today will complement the work already underway to reduce our cost of capital, enhance our cost competitiveness versus our peers and optimize our portfolio by providing improved access to the world\u2019s largest capital markets and pool of gold investors,\u201d Calderon said in a statement Friday.\r\n\r\nAnglo\u2019s creation in 1917 by Ernest Oppenheimer and the subsequent development of what was for decades the world\u2019s biggest gold industry underpinned the development of South Africa into the continent\u2019s preeminent economy. Yet the end of apartheid allowed South African miners to invest overseas into untapped gold bodies, and AngloGold accelerated its expansion outside the country in 2004 when it acquired Ghana\u2019s Ashanti Goldfields Ltd.\r\n\r\nToday AngloGold operates mines on four continents, after shifting its focus to more profitable operations elsewhere in Africa, Australia and the Americas. At the same time, the sector in its home country has dwindled due to the challenges of mining the world\u2019s deepest gold deposits.\r\n\r\nThe South African gold industry is less than a fifth of the size it was at its peak and its importance to the economy is rapidly diminishing. Since selling its last mines, AngloGold. The company employs just 280 of its 30,000 workers in the country.\r\n\r\nThe announcement comes as South Africa\u2019s biggest miners are being hamstrung by power outages and infrastructure breakdowns that are preventing them from both mining and then exporting their products.\r\n\r\n\u201cThis is not about South Africa,\u201d Calderon said. \u201cWe are proud of our heritage.\u201d\r\n\r\nThe total costs of AngloGold\u2019s move are estimated at around 5% of its market capitalization, mostly to cover taxes payable in South Africa, the company said.\r\n\r\nAngloGold fell 0.8% in Johannesburg trading, paring this year\u2019s gain to 54%. The shares have outpaced an index of precious-metals miners, which is up 17%.\r\n\r\nAngloGold said it will have secondary listings on the Johannesburg Stock Exchange, South Africa\u2019s A2X market and on the Ghana Stock Exchange, following a \u201ccomprehensive review of its domicile and listing structure."

"AngloGold plans to switch primary listing to NYSE"

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