JOHANNESBURG – Cash-seeking Anglo American plc is now completely out of gold, a precious metal that has been synonymous with the iconic South African-rooted diversified major since its inception in 1917.

The company, headed by CE Cynthia Carroll, said on Tuesday that it had disposed of its remaining 11,3% shareholding in AngloGold Ashanti for $1,28-billion.

It lost another 2% off its share price in Johannesburg on Tuesday to R154/share.

The company said that its 39 911 282 shares in AngloGold Ashanti had been sold to investment funds managed by Paulson & Co for  $32,00 a share in cash.

Proceeds would be used for general corporate purposes.

“Consistent with Anglo American’s stated intention to dispose of this non-core holding, Anglo American no longer owns any shares in AngloGold Ashanti,” the company added.

At December 31, 2008, Anglo American’s shareholding in AngloGold Ashanti was 16,2%.

Subsequent to that date, Anglo American disposed of 17,3-million shares in AngloGold Ashanti and, combined with Tuesday's transaction, realised a total of $1,77-billion.

Deutsche Bank, UBS and Goldman Sachs had provided assistance and advice to it on the AngloGold Ashanti holding, the company said.

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