AngloGold Ashanti has announced that it will place its Córrego do Sítio mine in Brazil into care and maintenance due to poor production and high costs. The mine has been operating since 1989 and accounted for about 2.4% of the group’s first-half production.
- The Brazilian mine has been generating negative free-cash flow, with a reported loss of $30 million in the first six months of the year.
- AngloGold Ashanti has appointed Richard Jordinson as its new chief operating officer (COO), effective from October. Jordinson brings 38 years of industry experience, having worked in various mining sectors including gold, iron ore, nickel, zinc, and lead.
- Jordinson joined AngloGold Ashanti in 2012 as the general manager of Sunrise Dam in Australia. He later served as the general manager of Geita Gold Mine in Tanzania, where he led the team for over four years and oversaw successful transitions to underground production and the establishment of a new open-pit mine.
- The appointment of Jordinson follows the retirement of Ludwig Eybers and the interim COO role held by Marcelo Godoy since July.
- Shares in AngloGold Ashanti rose slightly by just over 1% following the announcements. The company recently moved its listing to New York but still has a secondary listing on the JSE, where it is valued at approximately R136 billion.