Last Updated :
20 March 2009 at 10:30 IST
Anglo American will no longer mine gold
RAPAPORT reports that Anglo American, a parent company of De Beers, will no longer mine gold. The company, which has been involved in
Gold mining since its inception, sold its remaining 11.3 percent stake in
South African gold miner AngloGold Ashanti to investment funds managed by Paulson & Co. for $1.28 billion or $32 per share.
"Consistent with Anglo American's stated intention to dispose of this non-core holding, Anglo American no longer owns any shares in AngloGold Ashanti," Anglo explained. Anglo plans to use the proceeds from the sale for general corporate purposes.
Deutsche Bank, UBS and Goldman Sachs advised the company on its AngloGold Ashanti shareholding and the transaction, Anglo spokespersons said. In December, Anglo's share in AngloGold stood at 16.2 percent.
Since then, the mining group has disposed of its entire share – 17.3 million shares –for a combined $1.8 billion.
Anglo American owns a 45 percent stake in De Beers.
MCX NATURAL GAS 24 February 2012
contract was trading at
Rs 174 , up Rs. 0.6 . What's your view on it?
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