In February 2002, Johannesburg-based AngloGold Ltd lost its position as No1 gold producer to America’s Newmont Gold Corporation when Newmont outbid AngloGold in a merger deal with Australia’s largest gold company, Normandy Mining Ltd. Urgently, AngloGold had to find other ways of surviving the industry’s dwindling resources. Now, on the evening of 3 September 2002, Paul Dennison, AngloGold’s business development analyst, was considering the options for presentation to the chief executive, Bobby Godsell, in the morning.
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