World Gold Council appoints David Tait as new CEO
The World Gold Council has appointed its new Chief Executive Officer for 2019, as the organisation looks to navigate the shifting gold market landscape.
The market development organisation for the gold industry announced that David Tait will take up the position of CEO of World Gold Council, replacing the outgoing CEO after 10 years.
David will join the World Gold Council after a successful career in the financial services industry, in which he served as Global Head of Fixed Income Macro Products at Credit Suisse, as well senior trading roles at Credit Suisse and UBS Investment Bank.
Over an illustrious career, David has worked for Goldman Sachs, Bluecrest Capital, Peloton Partners and Citadel Europe. e is currently an Independent Member of the Bank of England’s FICC Market Standards Board. David is also a major supporter of the NSPCC and has raised over £1 million by climbing Mount Everest on five occasions. He was awarded an MBE by the Queen for his services to the charity.
David will join the organisation on 7th January 2019 as CEO Designate for a transitionary period before becoming CEO on 25th February. He will succeed Aram Shishmanian, who has served as CEO over the past 10 years.
The Chair of the World Gold Council, David Harquail, commented: “I would like to thank Aram Shishmanian for the leadership role he has played over the past decade. As CEO, he has transformed the World Gold Council into a truly influential organisation that has helped to stimulate and sustain the demand for gold globally. I am looking forward to working with David Tait to continue this important work.”
David Tait added: “This is a pivotal role for the gold industry and one that I am truly excited to take on. Global markets have undergone immense change over recent years and the case for investing in gold is as relevant today as it was for investors a century ago. I look forward to working closely with the members of the World Gold Council as we develop what is next for gold in these increasingly uncertain times.
AngloGold Ashanti establishes BG Umoja JV in Tanzania
AngloGold Ashanti, in line with it s strategy to ensure a sustainable contribution to the economies of host countries, has established the BG Umoja joint venture (JV), in Tanzania.
Awarded a $186m two-year mining contract for the Nyankanga and Geita Hill underground mining projects, the 80/20 joint venture is a partnership between Africa Underground Mining Services (AUMS) Tanzania, a subsidiary of Australia’s Perenti Group, and local drilling services and mining- supply company, Geofields Tanzania Limited.
The partnership is modelled on a similar underground mining joint venture at the Company’s Obuasi Redevelopment Project in Ghana between AUMS Ghana and Accra-based, wholly Ghanaian-owned Rocksure and will help build local specialised mining capacity.
“We’re working with our experienced mining contractors to assist in establishing local joint ventures for long-term transfer of sustainable skills, and to continue building on our sustainable local procurement programmes,” commented Sicelo Ntuli, AngloGold Ashanti’s Chief Operating Officer: Africa.
“AngloGold Ashanti is building sustainable local procurement programmes that will allow it to stimulate economic and social development at all of its operations, evidenced by the significant contribution Geita has made to the fiscus and people of Tanzania.”
AngloGold Ashanti’s annual expenditure with indigenous Tanzanian suppliers has almost tripled to $162mn since 2016. The company’s local team in Tanzania has set itself an ambitious target of 60% to 70% of all expenditures with indigenous Tanzanian companies, by 2025.
Scope 3 Emissions
In addition, AngloGold Ashanti’s Geita Gold Mine has awarded a two-year fuel transportation contract, worth approximately $10.8m a year, to two local contractors - one of which is originally from Geita. This is in line with the mine’s commitment to contribute to the economies of host communities. The Geita-based company was part of Geita Mine’s supply chain capacity building initiative for host community suppliers, a partnership between the Mine and the National Economic Empowerment Council.
To influence Scope 3 emissions, trucks are to be compliant with EURO IV emissions standards, tankers are to be made of an aluminium alloy material to reduce weight and the age of the fleet will be maintained at less than six years.
Diversity & Inclusion
The contractors already employ women fuel tanker drivers, fulfilling the Mine’s requirements for diversity and inclusion. The two contractors both own workshop facilities in Geita town and participate in social initiatives aimed at uplifting the lives of host community residents.
AngloGold Ashanti has been operating at Geita Gold Mine for more than 20 years, with the project initially a single pit mine, evolving now to a predominantly underground operation, employing 5,700 employees and contractors.
Earlier this year, the Government of Tanzania recognized AngloGold Ashanti’s contribution to the economy of the country, awarding it for its outstanding performance in a number of areas, including environmental and safety performance, corporate social investment, the best taxpayer in the mining sector, the runners up in local business content and overall best performer in the mining sector in Tanzania in 2019/2020.
Geita Gold Mine
Geita, one of AngloGold Ashanti’s flagship mines, is located in north-western Tanzania in the Lake Victoria goldfields of Mwanza region, about 120km from Mwanza and 4km west of the town of Geita. It has been in operation as a large-scale mine since 2000.