AngloGold Ashanti Ltd. (NYSE: AU) reviewed 11-10-2020
(All figures in USD)
Market Cap: $10.0 Billion Share Price: $24.22
Shares outstanding: 415,000,000 as of 31 Dec 2019
Cash and cash equivalents: $463 Million as of 31 Dec 2019
Net Debt: $875 M as of 30 Sep 2020
Current operations: Yes
Insider holdings: Nil Institutional: 292 institutions own about 35%
Website: anglogoldashanti.com
CEO: Christine Ramon (Interim) HQs: Johannesburg, South Africa
AngloGold Ashanti Limited operates 14 mines and three projects in nine countries in Continental Africa, the Americas, and Australia
Q3 2020 highlights:
- Free cash flow was reported at $337 Million (USD). This was a 4x increase over 3Q2019
- Cash from operations was reported as $551 Million from $353 Million in 3Q2019
- Production of 837,000 oz of gold in Q3 at a cash cost of $801 per oz
- AISC reported as $1044 per ounce in the 3rd quarter
- Projected estimates of 3.03 to 3.10 Mil oz gold for the full year 2020 at $1060-1120 AISC
- The dividend was doubled and will now be paid twice yearly versus annually
- The company also reduced net debt to its lowest levels since 2011
- Sold a $200 Million asset in S. Africa to Harmony Gold Mining on 30 Sept 2020. It is also closing on sales of assets in Mali (Morila, Sadiola) and is owed $66 Million from the DRC on the sale of Kibali
Bottom line:
- Being re-organized, they have sold all mines in South Africa
- Has huge reserves and 93 M oz gold resources and five mines under development
- Buying opportunity
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