Word: anglogold
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...gold-mining companies point out that they have improved accommodation considerably; still, "the problem is to rebuild an entire housing system for tens of thousands of people in an industry that may be three-quarters of the way through its life," says Alan Fine, spokesman for mining giant AngloGold Ashanti. Strong local currency is also a problem; South Africa's rand has strengthened over the past few years, hurting margins on exports. As South Africa's mines reach the end of their productive lives, expect more unrest...
...northeastern Ituri region of the Democratic Republic of Congo. The 159-page report, entitled The Curse of Gold, names Swiss gold refining company Metalor Technologies Group as one of those that has purchased Congo's conflict gold. It also alleges that the world's second biggest gold mining company, AngloGold Ashanti, which has a 10,000-sq-km concession in Ituri, made payments as recently as six months ago to a militia group responsible for atrocities. The South African firm concedes it yielded to "extortion" when it paid some $9,000 but says that it has already set up systems...
...Goldfields, the gregarious Jonah helped steer Ghana's biggest company through the rocky waters of international expansion, spreading Ashanti's businesses across Africa. In 1996 Ashanti became the first African operating company listed on the New York Stock Exchange. This year, it finalized its sale to South African behemoth AngloGold to create the world's second biggest gold miner, AngloGold Ashanti. There have been setbacks: in 1999 Ashanti almost went under after a disastrous hedging decision made on Jonah's watch. As president and possibly the next CEO of AngloGold Ashanti, Jonah, Africa's most influential black miner, believes that...
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