AngloGold Ashanti Limited
AngloGold Ashanti Limited
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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.
International miner AngloGold is targeting first ore delivery at end-2019 from the $US495-545M redevelopment of the iconic Obuasi underground mine in Ghana, with ramp-up expected during 2020 to its targeted production of up to 450,000ozpa.
South African-based international miner AngloGold Ashanti is heading towards an increase of about 10% in its June half-year (H1FY2019) headline earnings despite a slight fall in gold production to 1.554Moz, from 1.578Moz a year earlier.
With details to be announced on Aug 8, AngloGold says headline earnings are expected to be $US111-129M (H1FY2018: $99M). It expects basic earnings to be $106-122M ($33M).
Thousands of South African gold mining employees or descendants of deceased miners will be in line for payouts of between R70,000 and R500,000 after the High Court in Johannesburg approved a R5B agreed settlement with five major mining companies.
The court’s ruling that the settlement is reasonable, adequate and fair ends a complex class action on behalf of miners who contracted silicosis or tuberculosis during or after working in the nation’s gold mines since 1965.