AngloGold Ashanti Limited
AngloGold Ashanti Limited
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Explorer/developer Corvus Gold has completed a $C23M bought deal financing to advance its near term neighbouring gold-silver North Bullfrog and Mother Lode properties in Nevada, US.
The raising, including the full exercise of the underwriters’ over-allotment option, was for 11.5M Corvus shares at $2.00oz, with AngloGold Ashanti maintaining its 19.9% stake in Corvus and European and US institutions taking up to about 80% of the offering.
B2Gold is lifting its stake in the Gramalote Gold Project J/V in Colombia with fellow gold major AngloGold Ashanti to 50% from 48.3% and assuming management of the project.
The increase comes with B2Gold sole funding the next $US13.9M of the project next year after assuming management control in Jan 2020.
A record-strewn June 2019 year (FY 19), with production well up and costs down, has seen Independence Group (IGO) lift NPAT 44% on FY 18 to $A76M and heading for another solid year from its 100%-owned Nova and 30%-owned Tropicana operations in Western Australia.
The list of records include revenue and other income up 2% to $793M, underlying EBITDA 1% better to $341M, net cash from operating activities up 34% to $372M and underlying free cash flow of $278M.
Miner Independence Group racks up a string of records to lift its FY 19 NPAT 44% to $76M. By Mark Mentiplay
Under a new mining code, companies operating in Mali, Africa’s 3rd largest gold producer, will be protected from fiscal changes for 10-years, down from the previous “stability period” of 30-years, a senior mines ministry official has told Reuters.
Earlier this week, the ministry announced the new code, which also ended an exemption from value-added tax during production, but did not specify by how much it would shorten the period under which firm’s investments are protected from changes to fiscal and customs regimes.
Mining companies operating in Mali, Africa’s 3rd largest gold producer, will no longer be exempt from VAT during production and will have a shorter period of protection from fiscal changes, according to a new mining code announced by the Mines Ministry, Reuters reports.
The new code seeks to redress the “shortcomings” of a 2012 law by bringing a “substantial increase” in the contribution of the mining sector to the economy, the Mines Ministry says.
A new mining study has potentially added to Matsa Resources’ gold production, flagging 54,400oz over an initial 22-months from proposed stage-2 mining operations at the Fortitude deposit within the 100%-owned Lake Carey Gold Project in Western Australia’s Eastern Goldfields.
The study envisages a potential cash surplus of $A21.8M over 22-months on a modest capital investment of $6.6M, with production at 93% recovery from 1.029Mt @ 1.8g/t and operating cash costs of $1,628oz.
International miner AngloGold Ashanti says its return to positive cash-flow driven by improving gold prices in the June quarter won’t change its focus on strict capital discipline.
AngloGold Ashanti has maintained its FY2019 gold production guidance of 3.25-3.45Moz at total cash cost of $US730-780/oz after strong gains in June qtr production and cash-flow helped it achieve first half output of 1.554Moz at $792/oz, compared to 1.578Moz at $807/oz in H1FY2018.
The company says Q2 output improved to 801,000oz, from 752,000oz in the March qtr. Free cash-flow of $78M compares with an outflow of $109M previously.
With two of Australia’s biggest gold producers in its portfolio and both still growing, South African-based international miner AngloGold Ashanti confirms its strong focus on grassroots exploration in the West Australian and northern Queensland goldfields. Ross Louthean assesses AngloGold executive Andrea Maxey’s presentation to the Diggers & Dealers in Kalgoorlie.