Home » South African executive Christine Ramon owns stake worth $3 million in AngloGold Ashanti

South African executive Christine Ramon owns stake worth $3 million in AngloGold Ashanti

by Omokolade Ajayi

Christine Ramon’s interest in AngloGold Ashanti, a South African-based independent global gold mining business, is now valued at R44.8 million ($3 million).

Ramon, the outgoing interim CEO of AngloGold Ashanti, now has a beneficial 0.026-percent stake in the miner, which equates to 118,471 ordinary shares.

On Feb. 22, the leading businessman announced her intention to retire early, effective at the end of June 2022. She also chose to execute a portion of the vested share awards awarded to her under the company’s share incentive program.

The move saw her interest in the firm increase by 26,751 shares from 91,900 to 118,471 shares.

As of press time on March 14, the group’s shares were trading at R377.5 ($25.1) on the Johannesburg Stock Exchange, 2.95-percent lower than their market opening price on the local bourse this morning.

Ramon’s share in the well-diversified miner is worth R44.8 million ($3 million) at the current market price.

Established in 2004 as a result of the merger of AngloGold and the Ashanti Goldfields Corporation, AngloGold Ashanti has grown to become a leading miner with a varied portfolio of operations, projects, and exploration activities spread over eight countries and four continents.

In addition to its primary gold exploration operations, which produce value for its shareholders, it also generates silver in Argentina and sulfuric acid in Brazil as byproducts.

Due to the disruption created by the COVID-19 outbreak, which resulted in decreased gold sales volume, the mining behemoth is on track to record a large drop in earnings at the conclusion of its 2021 fiscal year.

According to AngloGold Ashanti’s trade report, its headline profits, South Africa’s primary profit indicator, are likely to fall by 36 to 42 percent from the previous period.

As a result of reduced gold sales volumes, higher operational expenses, negative foreign exchange movements, and lower revenue from joint ventures, the firm expects its headline earnings to range between $572 million and $642 million.

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