Tuesday, 23rd May 2006 (2824 views)

Anglo American has confirmed details of its plans to sell off its stake in gold subsidiary, AngloGold.

The mining giant said it would sell its 42 per cent holding in AngloGold Ashanti by 2009.

Spokeswoman Anne Dunn confirmed the firm would divest itself of the remaining stake "within three years", although there has not yet been clarification on how the process will be undertaken.

It is unclear whether a sale of the stake 'en masse' will take place or if a series of smaller tranches will be sold.

Anglo originally announced plans to ditch AngloGold as a subsidiary back in October, although the new comments have now established a timetable for the withdrawal.

In its latest profits announced earlier this month South Africa's largest gold miner enjoyed a sharp increase in earnings, although output at the firm has dwindled.

 

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