The corporate headquarters are to remain in South Africa, but the international arm of AngloGold Ashanti will be based in London. The company plans to list its shares on the London Stock Exchange with additional listings in Johannesburg and New York. Completion of the restructuring is expected some time next year.
AngloGold Ashanti stated that the reorganization would "simplify the structure of its businesses and allow their management teams to be more economically competitive." Dividing company operations would also allow investors to more accurately determine valuation.
The separation will require approval from AngloGold Ashanti shareholders. The company plans to retain a 65% stake in the company and offer the remaining stock to current shareholders.
The international arm of the company is expected to undergo a name change as well.
Board member Michael J. Kirkwood will leave to serve as chairman of the new company. He is currently the chairman of Circle Holdings.
AngloGold Ashanti plans to issue an additional $2.1 billion in shares in order to raise capital to finance the transaction as well as reduce some of its existing debt.
The company currently has 20 active mines in 10 countries and produced 4.1 million ounces of gold in 2013.
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