AngloGold Ashanti, the world’s fourth-largest gold miner, announced on Friday that it would transfer its primary listing from the Johannesburg Stock Exchange (JSE) to the New York Stock Exchange (NYSE). The company also said that it would relocate its headquarters from Johannesburg to London.
The move comes as AngloGold Ashanti seeks to access a wider pool of investors and reduce its risks associated with South Africa. The company has been selling off its South African assets in recent years and has shifted its focus to more profitable mines in other countries, such as Ghana, Tanzania, and the Democratic Republic of Congo.
AngloGold Ashanti CEO Alberto Calderon said that the move to New York would “place the company at the epicenter of the gold industry.” He added that the company’s stock is already traded more heavily in New York than it is in Johannesburg, and that the move would make it easier for the company to raise capital.
The move to London is also seen as a way to reduce AngloGold Ashanti’s risks associated with South Africa. The country has been struggling with political and economic instability in recent years, and mining in South Africa is becoming more costly and difficult.
The move to New York and London is not without its risks. AngloGold Ashanti will be subject to more stringent regulations in the United States and the United Kingdom, and it may face higher costs of doing business. However, the company believes that the benefits of the move outweigh the risks.
AngloGold Ashanti is not the only gold miner that is looking to expand its operations outside of South Africa. Newmont, the world’s largest gold miner, is also looking to increase its focus on mines in North America and Australia. The move by AngloGold Ashanti and other gold miners is a sign that the global gold industry is becoming increasingly globalized.
