I received a letter from esteemed mining voice Pierre Lassonde chairman emeritus of Franco-Nevada , past president of @NewmontCorp and of the World Gold Council regarding a story which ran in @business today ... He asked that I share it with the community :

It is in regards to the resignation of AngloGold Ashanti CEO Kelvin Dushnisky stepping down from the company on September 1

Pierre reached out to me since he felt the article from @business painted it as the ceo stepping down due to an undisclosed bonus payout

Pierre writes: “The Board of Anglogold Ashanti should be ashamed at it’s treatment of Mr Dushniski.

...Not only had the payment been disclosed prior to Mr Dushniski taking office but he fully reimbursed Barrick  even though it was completely above board to do so.

Let’s be honest. This character assassination has nothing to do with a bonus payment but everything to do with the South African political elite not wanting Mr Dushniski to make good on his plan to move Anglogold to London....

In his two years at the helm, Mr Dushniski did everything he said he was going to do and the stock increased three fold.

All that was to culminate by a London listing which would have put Anglogold Ashanti on par with all the large international gold companies .

The biggest losers in this charade are the shareholders. But the Anglogold board doesn’t really care as they collectively own next to nothing but are happy to take huge salaries at the expense of shareholders.

The South African discount will keep the stock undervalued and within a year I venture to say that there will be a hostile bid for it and that will put an end to shareholder abuse.”

Regards
Pierre Lassonde OC GOQ
Chairman Emeritus Franco-Nevada
Past Chairman of World Gold Council
Past President Newmont Mining.