Table of Contents
Key Points:
- Maria Ramos steps down from the AngloGold Ashanti board, replaced by Nicky Newton-King and Bruce Cleaver as independent nonexecutive directors.
- Newton-King and Cleaver bring extensive experience in finance, regulation, and mining, enhancing the board’s expertise.
- AngloGold Ashanti’s primary listing moved to the NYSE, with headquarters relocated to London from Johannesburg.
Precious metals miner AngloGold Ashanti led by Maria Ramos has appointed former Johannesburg Stock Exchange (JSE) CEO Nicky Newton-King and Gemfields chair Bruce Cleaver as independent non-executive directors, effective from July 22.
Experienced leaders bring new vision to AngloGold Ashanti
Newton-King, a corporate finance and securities regulation lawyer, is a nonexecutive director at Investec and MTN Group. She also serves as a trustee of the Johannesburg Holocaust and Genocide Centre and as council chair of Stellenbosch University. Known for modernising the JSE and advocating for social and environmental responsibility, she served as the JSE’s first female CEO from 2011 until 2019.
Cleaver, former CEO and co-chair of De Beers Group, brings extensive commercial and mining experience to the board. He was also a partner at Webber Wentzel. Cleaver will serve on the audit and risk committee and the social, ethics and sustainability committee, while Newton-King will join the compensation and human resources committee and the social, ethics and sustainability committee.
NYSE listing and leadership changes
“We are very pleased to welcome Nicky and Bruce to the Board of AngloGold Ashanti,” AngloGold Ashanti Chair Jochen Tilk said. Their expertise in capital markets, strategy, and commercial insights across various markets will be invaluable as the company aims to create value for shareholders.
Former Chair Maria Ramos did not stand for re-election at the most recent AGM in May, stepping down after serving as chair since December 2020.
AngloGold Ashanti, with a R235-billion ($12.93 billion) market capitalization on the JSE, has strengthened its board with these industry experts following its switch of primary listing from Johannesburg to the New York Stock Exchange (NYSE) and the relocation of its headquarters to London from Johannesburg. The move to the NYSE provides access to the world’s largest pool of gold capital, though the company faced a R5.4-billion ($0.30 billion) “exit tax” from the SA and Australian governments.
The world’s third-largest gold miner now has its primary listing on the NYSE, with secondary listings on the JSE, A2X Markets, and the Ghana Stock Exchange. Founded by industrialist Ernest Oppenheimer, AngloGold Ashanti sold its SA mines in 2020, refocusing on more profitable mines in Africa, the Americas, and Australia. Gold remains the company’s principal product, with silver and sulphuric acid as by-products of its Argentinian and Brazilian operations, respectively.
AngloGold Ashanti shares rose 1.02 percent to R541.26 on Wednesday, up about 51 percent since the start of 2024.
Ramos, AngloGold is chaired by South African businesswoman, banker and C-suite executive Maria Ramos. She assumed the role in 2020 after serving as the CEO of Transnet and Absa Group, as well as the director-general of South Africa’s National Treasury.
