New job for Maria Ramos: Chair of AngloGold Ashanti

Maria Ramos brings her wealth of experience and extensive business and political connections to the board of AngloGold.

The former CEO of Absa who also ran Transnet and served as director-general at National Treasury will be chairing the board of a company in transition. With the sale earlier in 2020 of its last operational assets in South Africa to Harmony Gold, AngloGold’s presence in South Africa has been effectively reduced to its headquarters in the Joburg CBD. 

Its other South African presence, of course, is its primary listing on the JSE, and there has been speculation that it would seek to move that elsewhere in the wake of its asset disposals on the Witwatersrand. Why would a mining company maintain its main listing in a country where it has no mines? 

Then again, there is more than one major mining house domiciled in London and Britain hardly produces a lump of coal these days. Lonmin’s main listing was also in London, and Britain produces no platinum. On the other hand, AngloGold is the top gold producer in Africa. Maintaining a listing on the continent’s premier bourse makes sense in that regard — and moving the listing could face political hurdles. But when it comes to access to capital markets and cheap financing, the JSE can hardly compete with the LSE. 

The company did not disclose the reasons for Pityana’s departure and it follows in the wake of the resignation of Canadian CEO Kelvin Dushnisky, who stepped down earlier in 2020 for personal reasons. Christine Ramon, formerly the group’s highly regarded chief financial officer (CFO), has been the interim CEO.

Ramos, who has been on the board since 2019, will chair a company that is focusing on higher-return assets and is not in bad financial nick.

AngloGold’s free cash flow in the third quarter of its financial year rose almost fourfold, enabling it to halve its debt to $875-million. Gold prices remain buoyant, with the precious metal’s safe-haven status enhanced by political turbulence from Washington to Brexit and the uncertainties of the unfolding Covid-19 pandemic. So it’s not a bad time to step into such a role. DM/BM