AngloGold has given a number of reasons for departing South Africa including a focus on high-margin assets. Yet it also speaks volumes about the investment environment in South Africa's mining sector. Eskom's woes, changing policy goalposts, BEE uncertainties, security concerns, transparency issues around the awarding of mineral rights and social and labour unrest have all combined to deter capital commitments. In Ghana, AngloGold has revived an asset that had been invaded at one point by thousands of illegal miners. In South Africa by way of jarring contrast, it has effectively given up. DM/BM