AngloGold News

Mr. Brechtel has over 35 years of mining industry experience and specializes in the design and development of both open pit and underground projects.

The transaction will be funded from existing cash reserves and debt facilities and remains subject to various conditions, detailed below.

Shares of the world's No. 3 gold producer AngloGold Ashanti shoot up over 5 percent as spot gold extends previous session's big gains, prompted by a recovery in the euro.

The Johannesburg-based company reported profits of $563 million for the quarter, or $1.22 per share, up from $241 million, or 62 cents per share, in the prior year.

South African gold producers such as AngloGold Ashanti have boosted less-than-sparkling March quarter earnings with tax credits, lifting their share prices as investors focus on the short-term gain rather than the sector's long-term pain.

AngloGold Ashanti posted first-quarter adjusted headline earnings of $429m, more than double the same period a year earlier, and approved the development of three growth projects.

South African gold producers are expected to report lower quarterly earnings with production knocked across the board as output-disrupting safety stoppages continue to sting, a Reuters poll of 7 analysts showed.