Anglogold CEO Quits, Joins Vedanta Resources

Vedanta’s shares have lost 4% in the past year valuing the company at about $2.8 billion

Agarwal, who is also mining giant Anglo American's biggest shareholder, had been searching for a candidate to lead Vedanta since announcing that former Rio Tinto Group CEO Tom Albanese was stepping down.

AngloGold noted under Venkat's leadership it had lowered all-in sustaining costs by 16%, all-in costs by 30%, overhead expenditure by two-thirds, and debt by one-third.

Sipho Pityana, AngloGold chairman, said the company remained steadfast in its commitment to building a self-sustaining gold company as it searched for a new leader. The company now has an average rating of "Hold" and an average price target of $11.25. Investors of record on Friday, March 23rd will be paid a dividend of $0.055 per share. AngloGold Ashanti's payout ratio is now 83.33%.


In related news, Director Lotan Holdings Inc. bought 29,400 shares of the business's stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average price of $0.92 per share, with a total value of $46,000.00. AngloGold has started a search to replace him. Tower Research Capital LLC TRC now owns 26,693 shares of the mining company's stock valued at $272,000 after purchasing an additional 13,051 shares during the last quarter.

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AngloGold a year ago announced plans to halve its South African production by selling mines in an effort to stem losses in its home country, where aging infrastructure, reserve depletion and accidents have raised costs and reduced production. The company also produces silver, uranium oxide, copper, and sulphuric acid. "AngloGold's production is focused on Australia, South America and Africa", said Hochreiter. AngloGold Ashanti Limited was founded in 1944 and is headquartered in Johannesburg, South Africa.

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