AngloGold Ashanti: 5 Reasons To Be Bullish
SomaBull • 15 Comments
SomaBull • 15 Comments
AngloGold Ashanti: The Restructuring Plan Could Fail
Yesterday, 12:52 PM
- Barrick Gold (ABX +2.6%) is considering a sale of its 64% stake in African unit Acacia Mining and has approached several South African miners, Reuters reports.
- ABX has reached out to South African miners Harmony Gold (HMY +4.4%), Sibanye Gold (SBGL +5.3%), AngloGold Ashanti (AU +2.6%), Randgold Resources (GOLD +1.3%) and Gold Fields (GFI +5.4%), as well as some Australian and North American miners, according to the report.
- Acacia owns three producing gold mines in Tanzania, as well as exploration projects in the country and other parts of Africa.
Fri, Jul. 22, 7:59 AM
- AngloGold Ashanti (NYSE:AU) says it expects to swing to a net profit in H1, thanks to higher gold prices, cost controls and weaker local currencies that have lowered its operating costs on a dollar-denominated basis.
- In a trading update, AU says it expects to report H1 headline earnings, which strips out exceptional items, of $87M-$99M vs. a $128M loss in the year-ago period.
- AU says its net earnings will benefit from a higher gold price, which rose 1.5% Y/Y to $1,222/oz. in H1, and weaker operating currencies in South Africa, Brazil, Australia and Argentina; it also was helped by continuing to control costs across its portfolio of 17 operations in nine countries.
- The combination helped offset a 7.1% Y/Y decline in H1 gold production to 1.75M oz.
Thu, Jul. 14, 5:36 PM
Fri, Jul. 8, 5:36 PM
Wed, Jul. 6, 9:16 AM
Wed, Jun. 29, 5:49 PM
- AngloGold Ashanti (NYSE:AU) reaches an agreement with Guinea's government to increase gold production in the country by investing more than $400M in the next eight years.
- AU's Guinea operations are at the Siguiri mine in the eastern part of the country, where its local affiliate produces ~300K oz. of gold each year, and the new deal is expected to maintain output and fund new exploration in the area.
- Guinea is a significant producer of bauxite and iron ore and is seeking to expand its gold production.
Fri, Jun. 24, 9:11 AM
- Gainers: AAU +20%. VGZ +18%. MUX +13%. AKG +12%. GPL +13%. GORO +12%. GFI +12%. EMES +12%. GOLD +12%. AU +12%. SBGL +11%. EXK +11%. KGC +10%. HMY +11%. SAND +10%. ABX +10%. EGO +9%. SA +7%. IAG +9%. AUY +9%. CDE 9%. NGD 9%. AEM 8%. NEM 8%. GG 8%. NG 8%. FSM 7%.
- Losers: LYG -27%. BCS -26%. SAN -24%. RBS -23%. AV -23%. BBVA -22%. DB -18%. ING -18%. BT -18%. VNR -11%. TEF -17%. CS -16%. PUK -15%. MT -15%. AEG -14%. RYAAY -13%. UBS -12%. FCAU -12%. GNCA -12%. NOK -12%. BBL -11%. IPI -11%. TOT -11%. ANFI -11%. MNKD -10%. BCEI -8%. VMEM -10%.
Wed, Jun. 8, 9:16 AM
Mon, Jun. 6, 12:39 PM
- Gold Fields (GFI -3.5%) says it is interested in buying AngloGold Ashanti’s (AU -1.5%) Iduapriem mine in Ghana, as it seeks to increase production from west Africa by about two-thirds to 1M oz.
- GFI's VP for West Africa says the company is interested in the mine because of its proximity to its Tarkwa mine in southern Ghana; Tarkwa is the bigger of the two mines, producing 140K oz. during Q1 vs. Iduapriem’s 46K oz.
- The GFI exec says the company also is looking for opportunities to buy mines in Mali, Burkina Faso and Senegal.
Fri, Jun. 3, 3:58 PM
- Gold miner stocks are skyrocketing, with the sector enjoying its best day in nearly seven years, as the disappointing May jobs report helped spark a strong rally in the yellow metal.
- The VanEck Vectors Gold Miners ETF (GDX +11.1%) surged more than 10% on heavy volume, and all 24 of the ETF’s U.S. equity components traded higher, with 10 of them enjoying double-digit percentage gains.
- In today's trade: ABX +12.9%, NEM +9.5%, GG +7.7%, AEM +11.1%, OTCPK:NCMGY +10.7%, KGC +15.4%, SLW +9%, FNV +9.1%, RGLD +9.4%, EGO +9.8%, GFI +13.7%, SBGL +8.2%, HMY +13%, IAG +16.4%, AU +14.4%, GOLD +8.6%, AUY +13.9%, NGD +9.6%, HL +12.1%, CDE +11.6%, TAHO +10.8%, NG +12.2%, AG +12.3%, PAAS +8.9%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, RING, PSAU, SGDJ, TGLDX, GDXX, GDJJ, GDXS, GDJS
Fri, Jun. 3, 9:16 AM| Fri, Jun. 3, 9:16 AM | 26 Comments
Wed, Jun. 1, 5:41 PM
Tue, May 17, 12:27 PM
- George Soros, who once called gold “the ultimate bubble,” has resumed buying the yellow metal after a three-year absence, disclosing during Q1 he bought 1.05M shares in the SPDR Gold Trust ETF (GLD +0.3%) valued at $123.5M, while also doubling his wager against the S&P 500.
- Soros Fund also made a big bet on miner Barrick Gold (ABX +3.1%), adding a $263.7M stake and raising its ownership to 19.4M shares, making it Soros’ largest U.S.-listed holdings and giving him a 1.7% stake.
- Otherwise, Soros continued to unwind his commodity exposure, selling off positions in Kinder Morgan (KMI +4.3%) and Baker Hughes (BHI +2.8%) - stakes which were just opened in Q4 - as well as Dow Chemical (DOW +0.9%) and Penn Virginia (NYSE:PVA).
- But other prominent investors have started to take profits; John Paulson’s hedge fund cut its stake in the SPDR Gold Trust to 4.8M shares from 5.8M and its stake in AngloGold Ashanti (AU -1%) to 15.2M shares from 22.9M.
Fri, May 13, 10:41 AM
- A South African court OKs a class-action lawsuit against the country’s top gold mining companies by workers seeking damages for contracting lung diseases, Financial Times reports.
- The ruling clears the way for hundreds of thousands of former mine workers to pursue perhaps the biggest class action in South Africa’s history against companies including Anglo American (OTCPK:AAUKF, OTCPK:AAUKY), AngloGold Ashanti (NYSE:AU) and Sibanye Gold (NYSE:SBGL).
- In March, Anglo American and AngloGold agreed to pay up to $30M into a trust in a settlement with 4,400 separate silicosis claims; the new ruling made allows the legal action to include miners who have contracted tuberculosis, whose numbers could total up to 500K.
Mon, May 9, 12:50 PM
Mon, May 9, 9:14 AM
AngloGold Ashanti Ltd. is a gold mining and exploration company. Its main business includes gold exploration, mining and production of gold, manufacturing, marketing and selling of gold products. AngloGold Ashanti was founded in 1944 and is headquartered in Johannesburg, South Africa.
Sector: Basic Materials
Country: South Africa
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