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AngloGold Ashanti Ltd. (AU), active this year in agreeing ventures and acquisitions that could boost its reserves, continues to look for growth opportunities in the junior end of the industry, Chief Executive Mark Cutifani said Friday.

"I do think there has been a pickup" in mergers and acquisitions, Cutifani said. "Those companies that don't have cash are struggling."

Cutifani told reporters during a conference call the Johannesburg-based company, the world's third-largest producer of the precious metal, has held a number of "conversations" but no major transactions are in the works.

"We see more value in the junior and mid-cap space. That's where we're focusing," he said.

AngloGold in mid-July agreed to invest $244 million for a 50% stake in Moto Goldmines Ltd. (MGL.T), supporting a takeover of Moto by Randgold Resources Ltd. (GOLD). The company said it is a strategic move to gain exposure to one of the world's richest gold ore bodies, which has an indicative resource of 22 million troy ounces and reserves of 5.5 million ounces in Democratic Republic of Cogo.

Earlier this year, AngloGold signed a joint venture pact with Laurentian Goldfields Ltd. (LGF.V) to explore specific areas in Quebec, Ontario and Saskatchewan. It also entered a partnership with Dubai-based Thani Dubai to drill and develop new deposits in North Africa and the Middle East.

-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com