Monday, 27th March 2006 (3244 views)

AngloGold Ashanti could be looking to acquire local rival Gold Fields as part of an expansion plan.

News source Business Day quoted AngloGold chief executive Bobby Godsell talking in an interview with Business Times.

He said: "To the extent that there is a strong value case [in looking at Gold Fields] I would expect the company to look at it."

He added: "We look at all opportunities all over the world."

Other possible targets for AngloGold include South Africa's Western Areas and Australia's Newcrest Mining, according to an analyst, who also thought it unlikely that AngloGold would act in a hostile manner.

Anglo has announced that it is to place 10.3 million shares in a bid to raise money for capital expenditure and project development, as well as to cut short-term debt.

Last week parent company Anglo American revealed that it was planning to sell up to 21.8 million shares in AngloGold Ashanti, leaving it with a stake of between 41 and 42.6 per cent.

 

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