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.
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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.