TORONTO/JOHANNESBURG, March 31 (Reuters) - South Africa's Anglogold Ashanti ANGJ.J does not need to pursue mergers and won't add scale for its own sake, its interim chief executive said on Wednesday, tamping speculation it could take part in further consolidation of the sector.
Sibanye-Stillwater SSWJ.J CEO Neal Froneman this month floated the idea of a merger with peers AngloGold and Gold Fields GFIJ.J , arguing consolidation is needed for South Africa's gold miners to compete globally. CEO Christine Ramon declined to comment directly when asked about a potential tie-up with Gold Fields during a roundtable at the Mining Indaba Virtual Investment Programme alongside Froneman and Barrick Gold ABX.TO head Mark Bristow.
Consolidation can bring benefits including operational synergies, but can also add complexity and costs, she said.
"I think bigger doesn't necessarily mean better," she said. "We wouldn't look to build scale just for the sake of it."
Ramon, who replaced Kelvin Dushinsky at the helm of Anglogold last year on an interim basis, said the miner is focused on developing its own assets and has the support of investors.
"For us it's far more important not to get distracted," she said.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.