Nicky Oppenheimer stepped down this week as chairman of South Africa's AngloGold, the largest gold mining company and a subsidiary of Anglo American, to focus his attention on De Beers. Bobby Godsell, the current chief executive, will assume the chairman position in addition to his current role. Also, Russell Edey, a non-executive director, has been elected deputy chairman.
In related news, Anglo American announced last week it will acquire stakes in Billiton and Gold Fields, rival mining companies. Anglo entered a deal with Remgro, a South African conglomerate with interests in other sectors, where Anglo will exchange most of its shares in FirstRand, a South African financial group, for 7.1% of Billiton and 11.3% of Gold Fields from Remgro, the Financial Times reports. The swap is part of Anglo's efforts to sell its non-core operations and focus on mining. Anglo has also promised not to make an unsolicited bid for Billiton or increase its stake more than 15% before the end of next year.
De Beers is in on the swap deal as well, the Financial Times reports. It will exchange its 1.8% of FirstRand for Remgro's 1.1% of Billiton.
- by Julia M. Duncan