Africa's AngloGold Looks to Streamline Assets, Argentine Mine Up For Sale

South Africa’s AngloGold Ashanti said on Tuesday it was putting its interests in an Argentine mine up for sale as it looks to focus on operations with a longer shelf life and ability to deliver higher returns, Reuters reported. AngloGold Chief Executive Kelvin Dushnisky, Barrick Gold’s former president, was appointed to head the firm last year and has rolled out plans to streamline its portfolio, set a 15 percent hurdle on returns on investment and cut debt leverage targets to a ratio of 1.0 times net debt to adjusted Earnings before interest, tax, depreciation and amortization. “As we look at the assets portfolio it is very important that we can see the assets in our mix have long-term potential and to the extent that they don’t or there is other strategic reasons to disinvest, we will do that,” Dushnisky told Reuters. The bullion miner, which last year said it planned to sell its interest in its Sadiola mine in Mali, has initiated sales processes for Cerro Vanguardia in Argentina. Read more