AngloGold Ashanti appoints Kojo Busia as independent non-executive director

GHANAAngloGold Ashanti, one of the world’s largest gold mining companies has appointed Dr. Kojo Busia to the company’s board as the new independent non-executive director.

AngloGold Ashanti said in a statement that Kojo’s appointment was in compliance with the Listings Requirements of the Johannesburg Stock Exchange Limited adding that the appointment was effective as from August this year.

According to the statement from the gold mining company, Dr Busia will serve as a member of the Investment Committee and the Social and Ethics and Sustainability Committee, AngloGold Ashanti.

“Kojo’s multilateral expertise brings a great strength to our business and I am delighted to see him joining the board,” Sipho M. Pityana, AngloGold Ashanti Chairman, said.

“His input from both a sustainability and governance perspectives will be hugely significant as we continue the pursuit of our strategic ambitions.”

Dr Busia recently held the position of Chief of Natural Resources Management at United Nations Economic Commission for Africa’s (UNECA) Division of Technology, Climate Change and Natural Resource Management.

Dr Busia is an internationally-renowned leader and promoter of good governance in Africa, having 25 years of working experience in multilateral and bilateral organisations.

He previously served as Coordinator of the African Mineral Development Centre (AMDC), a Pan-African Center of Excellence charged with the implementation of the African Mining Vision.

Dr Busia’s outstanding contributions to African natural resources governance has seen him serve on several advisory boards including the Global Mining Sustainability and the Responsible Mining Foundation.

Dr Busia’s appointment comes at a time when the gold mining sector is experiencing a unprecedented rise in prices as investors turn to it as a more stable storage of wealth.

The price of gold has increased by more than 30% this year passing the $2,000 (£1,527) an ounce for the first time in many years as traders look for havens amid the pandemic.

Early this year, AngloGold Ashanti announced that the Obuasi Redevelopment Project in Ghana was on track to pour its first gold by the end of the year.

AngloGold Ashanti invested between US$495 million to US$545 million to recapitalise the iconic mine in Ghana in order to develop its six million ounces of high-grade reserve.

The project will see Obuasi being transformed into a modern, mechanised mine that will produce an average 350,000oz to 400,000oz a year, at all-in sustaining costs of $725/oz to $825/oz, during the mine’s first decade of operation.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.