Cutifani, who runs the South African firm, which is the world's third largest gold miner, said AngloGold saw construction and mining costs, which have risen by as much as 15% so far this year compared to 2011, as more of a threat than policy changes by the ANC.

"It's clear at the senior levels of the ANC there is no appetite for nationalisation," Cutifani, an Australian, said.

"On the other hand, taxation policies towards South Africa's miners will be central to the ANC, but it certainly won't be as Draconian as the Australian legislation," he said.

The ANC Youth League is pushing for nationalising mines to provide government revenue to fight poverty, a call which resonates among the black majority who see it as a way to spread the wealth from a sector that grew powerful in step with white apartheid rule. But President Jacob Zuma has said he opposes nationalisation, although the ANC is now weighing additional taxes on mines as a way to raise revenue.