Anglo-Americas, AngloGold Leaves the World Gold Council*

Anglo-Americas, AngloGold Leaves the World Gold Council*

ByCecilia Jamasmie

AngloGold Ashanti Limited is a global gold producer with 21 operations on four continents. AngloAmerican is the parent company. AngloAmerican owns the South African platinum mines that led to the biggest strike. AngloAmerican is controlled by the Rothschilds and South Africa’s Oppenheimer family.

In a blow for the World Gold Council, the industry’s market-development organization, South African miners AngloGold Ashanti (NYSE:AU) and Gold Fields (NYSE:GFI) have decided not to renew their membership citing fees issues.

As members pay per ounce of metal produced, both companies said they had to look at the cost-benefits of staying in the organization, amid their efforts to adjust to a gold price that has dropped 21% since the beginning of 2013.

The WGC counts among its members most producers of the precious metal, including Barrick Gold Corp. (TSE:ABX) and Newmont Mining Corp. (NYSE:NEM), the world’s largest gold miners.

South Africa produced more than two-thirds of the world’s gold at its peak in the 1970s, but the sector has been in decline for years as shafts have matured. However, it remains a key global producer of platinum, with the country home to about 80% of the proven reserves.

Source*

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