Anglogold Ashanti Appoints New Chief Financial Officer
South African miner Anglogold Ashanti has announced the appointment of new chief financial officer Christine Ramon.
She will replace Richard Duffy, who is stepping down from both the Board and Executive Committee, as both CFO and Executive Director of the Board effective October 1.
"Christine is a seasoned CFO with an impressive depth of experience, who will lend an important dimension to our board and to the executive," Chairman Sipho Pityana said in a press release.
He added, "We are also fortunate that we will be able to call on the services of Richard Duffy, who brings almost three decades of experience in mining and finance across a range of disciplines and jurisdictions to assist with an orderly transition.”
Ramon is currently non-executive director of telecommunications provider MTN Group, which has provided a vast experience in operations across emerging markets in Africa and the Middle East.
"We are extremely pleased to have someone of Christine's caliber, standing and experience in this critical role as we continue to advance our strategy of continuing to improve sustainable cash flow and returns," Chief Executive Officer Srinivasan Venkatakrishnan said.
"We are deeply grateful to Richard for bridging the CFO role at an important time, and also for the outstanding work he's done over the past 13 months, in helping fortify the balance sheet,” Venkatakrishnan said.
Aside from newly appointed CFO, Ramon is a member of the South African Institute of Chartered Accountants, the Public Accountants’ and Auditors Board, and the Association for the Advancement of Black Accountants of South Africa.
She previously served as a member of the Standing Advisory Committee to the International Accounting Standards Board.
Between 2006 and 2013, Ramon was an executive director for Salsol Limited, a $35 billion company with over 34,000 employees around the world.
Global iron ore production to recover by 5.1% in 2021
Global iron ore production fell by 3% to 2.2bnt in 2020. Global production is expected to grow at a compound annual growth rate (CAGR) of 3.7% to 2,663.4Mt between 2021 to 2025. The key contributors to this grow will be Brazil (6.2%), South Africa (4.1%), Australia (3.2%) and India (2.9%). Key upcoming projects expected to commence operations include South Flank in Australia (2021), Zulti in South Africa (H2 2021), Serrote Da Laje in Brazil (H2 2021) and Gudai-Darri (2022), according to GlobalData, a leading data and analytics company.
Vinneth Bajaj, Associate Project Manager at GlobalData, comments: “Declines from Brazil and India were major contributors to the reduced output in 2020. Combined production from these two countries fell from a collective 638.2Mt in 2019 to an estimated 591.1Mt in 2020. The reduced output from the iron ore giant, Vale, was the key factor behind Brazil’s reduced output, while delays in the auctioning of mines in Odisha affected India’s output in 2020.
“Miners in Australia were relatively unaffected by COVID-19 due to effective measures adopted by the Australian Government, while a speedy recovery in China led to a significant 10.4% increase in the country’s iron ore output.”
Looking ahead, the global iron ore production is expected to increase by 111.3Mt to 2,302.5Mt in 2021. Rio Tinto is expected to produce up to 340Mt of iron ore, while BHP has released production guidance of 245–255Mt, supported by the start of the Samarco project in December, which is expected to produce between 1–2Mt.The company has retained its guidance for Australian mines at 276–286Mt on a 100% basis, due to scheduled maintenance work at its ore handling plant and tie-in activity at the Area C mine and South-Flank mine.
Bajaj added: “The remaining companies are expected to produce more than 600Mt of iron ore, including FMG, whose production is expected to range between 175–180Mt supported by its Eliwana mine that commenced operations in late December 2020, and Anglo American, which is expecting to produce between 64–67Mt. Vale is expected to resume 40Mt of its production capacity, taking its overall production capacity to 350Mt in 2021, with production guidance of 315-335Mt.”