AngloGold to switch primary listing to US as has 'outgrown' S.Africa

AngloGold will relocate its major listing to the United States because it has 'outgrown' South Africa.
AngloGold Ashanti is planning to relocate its primary listing from Johannesburg to New York in order to get access to a larger pool of investors and decrease risks associated with South Africa.
Reuters reports that the move comes as mining in South Africa grows more difficult and costly due to geological constraints posed by extracting some of the world's deepest gold reserves.
"There are strategic reasons why we did this. By far the largest pool of gold capital is in the U.S and it was clear that a secondary listing incorporating South Africa was restricting access to that pool of capital," Anglogold chief executive Alberto Calderon was quoted as saying.
He also said that two-thirds of AngloGold stock volumes are already traded in New York, where the company has depository receipts registered.
AngloGold has turned its focus to more lucrative mines in Ghana, Tanzania, the Democratic Republic of the Congo, Australia, and the Americas.
The miner finalised the sale of its South African mines in 2020.
The corporation will also relocate its corporate headquarters to the United Kingdom, but will keep the South African office.
Anglogold is also set to delist from the Australian Securities Exchange on 27 June 2023 due to the ongoing low trading frequency and low volumes of its securities traded on the bourse.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished