CAPITAL MARKETS

AngloGold: No Australian bid plans

SOUTH African mining giant AngloGold said on Monday it does not intend to make any further takeov...

Greg Tubby

Speculation has been rife that AngloGold, the world’s largest gold mining house, had set its sights on Normandy.

Normandy's stock fell 2c to 95c on the news, with a high trading volume of 4.9 million shares.

“There’ll be no takeovers in Australia,” Nigel Unwin, managing director of AngloGold’s Australasian operations, said at the annual Diggers and Dealers conference in Kalgoorlie, Western Australia.

The company said it preferred to expand Sunrise Dam, which it acquired through Acacia Resources last year. It earlier said that it plans to make Sunrise Dam into a ‘super pit’ producing 2.3 million ounces a year over the next two to three years.

However, Unwin was more relaxed on joint ventures, adding that the global mining industry was destined to consolidate.

Australian mining companies are considered by some foreign producers to be cheap at the moment due to the weakness of the Australian dollar against other currencies, particularly the US dollar.

Unwin considered Australian stocks to be 25-30% cheaper than the US equivalents.

 

 

 

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

MiningNews.net Research Report 2025

The MNN Research Report 2025 provides insights into critical mining themes in Australia/Oceania, including top projects, C-suite priorities, risk, ESG performance and investor sentiment.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.