JOHANNESBURG ( – Gold is poised to be a “refuge of selection” within the years forward owing to the extent to which cash is being printed and world debt is rising, AngloGold Ashanti CEO-designate Antonio Calderon mentioned on Tuesday.

Chatting with Mining Weekly in a Microsoft Groups interview forward of taking workplace on September 1, Calderon expressed pleasure to have the chance to steer AngloGold due to its important gold upside. (Additionally watch connected Creamer Media video.)

Calderon additionally spoke of being a giant fan of copper, which in AngloGold’s seek for gold has been present in massive portions at Quebradona, in Colombia, the land of his start.

Covid allowing, the at the moment co-located Calderon will spend the primary 4 weeks of his AngloGold tenure in Johannesburg.

Till March of this 12 months, he was CEO of business explosives producer Orica, and beforehand a senior govt at BHP and former CEO of Cerrejón, the Colombian coal-mining firm. Christine Ramon will stay as interim CEO till Calderon takes up his new place, earlier than resuming her position as AngloGold CFO.

Within the question-and-answer interview, Calderon additionally spoke of:

  • AngloGold’s appreciable natural development potential;
  • the necessity  to eradicate the corporate’s low cost to honest worth;
  • ending Johannesburg as the corporate’s head workplace not being on the high of his precedence checklist;
  • his help of environmental, social and governance (ESG) ideas; and
  • AngloGold’s monumental progress in decreasing greenhouse-gas emissions.

Mining Weekly: What made you resolve to take up the AngloGold CEO job?

Calderon: I need to begin by saying how excited and honoured I’m by having been appointed as CEO. I’ve been within the mining business for 20 years. I’ve labored with South Africans for 20 years, and I’ve recognized about AngloGold. I’ve labored at BHP, I’ve labored at different corporations and Orica however I do know of the standard of AngloGold. It’s an iconic world mining firm and within the final months, I’ve studied its potential and I’m so excited by the chance to create worth internally, organically, within the firm. It has nice belongings, it has nice folks, we simply want to tug all of it collectively and get into our tasks, forecasts and prices and we should always eradicate our very important low cost to honest worth.

That phrase ‘organically’ tells me quite a bit. Do you see adequate inner development choices?

I do. Have a look at the monitor report within the final 12 months. They have been in a position to herald six-million ounces of useful resource into the corporate. If we hold that price we shall be high-quality. However have a look at the plans that we have now and they’re all natural, inner development. We now have very massive tasks. We now have Geita, in Tanzania, and we have now Quebradona, in Colombia, and people tasks the market is valuing at zero in 5 years. They aren’t being given any credit score. If in a single or two years we are able to do sufficient work to persuade the market that they’re going to occur and that, for instance, Geita goes to have a ten-year life and never a five-year life, and that we’re going to develop Quebradona, then that can eradicate a part of that low cost. We even have points on money conversion and a mess of issues that mix to trigger some opacity and therefore our threat notion available in the market.

As a former Worldwide Financial Fund individual, do you see gold’s position growing in significance going ahead in a world with uncommon financial momentum?

Sure. I’m very completely satisfied to be in gold and the rationale for that’s we all know that america, European and Australian central banks are printing cash like there’s no tomorrow. We all know that the world is stuffed with debt and therefore, sooner or later sooner or later, perhaps not within the subsequent months, however definitely within the subsequent years, the refuge of selection shall be gold. I’m truly fairly optimistic and I like working in an organization with such an upside from that standpoint.

Will you retain Johannesburg as the pinnacle workplace and the principle itemizing on the Johannesburg Inventory Trade?

I do know that has been a problem that has been extensively mentioned previously. However I can let you know that it isn’t my precedence in any sense of the phrase. I shall be concentrating on different issues however it’s one thing that is among the sweep-up choices to handle the low cost to worth, and sooner or later in time sooner or later, it’s one thing that the board and I’ll examine once more. It isn’t one thing that I have to do urgently, however we have to tackle it in a method or one other sooner or later. It’s rightfully one thing that’s requested on a regular basis and we have to say, okay, have been going to do that or not, however I do say there are various different extra urgent points that I’ll tackle first.

The place will you be based mostly?

My plan is to be co-located in numerous elements of the world, together with in Johannesburg. Covid allowing, I might need to spend the primary 4 weeks of  my tenure with AngloGold in Johannesburg, as a result of that’s the place the pinnacle workplace is. However I may even spend my time within the second-largest workplace, in Perth, and the third-largest workplace, in Denver, and I do plan to go to the operations. In the interim we’ve agreed that I shall be co-located at the moment the place I’m (in Australia) after which in due time we are going to resolve the place I’ll stay.

I see you’re a believer in environmental, social and governance (ESG). In opposition to that background, will you be prioritising the usage of renewable vitality?

I’m in favour of ESG. Let me get my fingers across the enterprise at this stage. I can let you know that what I’ve seen AngloGold has made an unlimited progress in decreasing greenhouse-gas emissions, which have declined by 43% within the final years, and it has ambitions to be carbon impartial. So, I’m going to grasp these targets. I need to guarantee that we are able to fulfil them. I’ll in all probability get again to you sooner or later if that is a part of the suite of choices. It clearly needs to be sooner or later however I need to higher perceive the present plans.

AngloGold Ashanti additionally mines copper, an essential local weather change metallic. Will you be placing any new emphasis on copper manufacturing?

The venture that we have now in Colombia, Quebradona, the place they have been on the lookout for gold, is a superb venture. It has an anticipated manufacturing of 130-million tonnes of copper. That’s important in world-class phrases. Copper is an attention-grabbing product as a result of the world can not attain a carbon-free setting with out copper. You want copper for photo voltaic panels, electrical automobiles, electrical energy transmission and so copper is a commodity of the long run. I don’t know at this stage of another plans, and the corporate is principally a gold firm and that won’t change, however I believe we’re very completely satisfied to have the opportunity if we are able to to develop this copper/gold venture in Colombia. It’s a great commodity, copper. I’m a giant fan of it.

AngloGold chairperson Maria Ramos expressed confidence in having the best individual to steer the firm ahead and, drawing on his enormous management expertise within the sources sector throughout a wide range of geographies, realise what she described as AngloGold’s excellent potential,

The CEO-designate described AngloGold as bringing collectively a high-quality portfolio and a robust dedication to ship social, environmental and shareholder worth that he mentioned he pertains to strongly on a private stage.


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