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AngloGold Ashanti Limited (AU)

  • Nov. 3, 2014, 2:35 PM
    • Just days after shares plunged to 52-week lows on falling gold prices, AngloGold Ashanti (AU +21.7%) is soaring today after its Q3 results included lower than expected costs and improving its production outlook to the top end of previous guidance.
    • AU tightened its FY 2014 production outlook to 4.35M-4.45M oz,, closer to the top end of initial of guidance 4.2M-4.5M oz., despite the sale of the Navachab mine in Namibia in May, losses caused by the earthquake in South Africa, and the transition of the Obuasi Mine to limited operating state by year-end.
    • Total cash costs rose a less than expected 1% to $820/oz., while all-in sustaining costs fell 10% Y/Y to $1,036/oz.
    • Q3 production increased 8% Y/Y to 1.128M oz,, beating guidance.
    • Forecast capex, initially set at $1.35B-$1.45B, is lowered to $1.25B-$1.35B, due mostly to savings at the Obuasi mine; the forecast for all-in sustaining costs remains at $1,025/oz.-$1,075/oz.
    • Deutsche Bank upgraded shares to Buy from Hold.
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  • Nov. 3, 2014, 4:45 AM
    • AngloGold Ashanti (NYSE:AU) swung to net income of $41M in Q3 after making a loss of $80M in Q2.
    • However, headline profit dropped to $2M from $576M a year earlier, which reflected a $567M realized fair value gain on a three-year convertible bond.
    • Production rose 8% on year to 1,128M ounces of gold.
    • In Q3, earnings were hurt by high inflation, tax charges and low gold prices, which CEO Srinivasan Venkatakrishnan said are the "biggest challenge" to the industry.
    • "Our job here is to keep effectively running down an escalator that’s going up," Venkatakrishnan said. (PR)
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  • Aug. 11, 2014, 8:24 AM
    • AngloGold Ashanti (NYSE:AU): Q2 Adj. loss of $4M
    • Revenue of $1.36B (+4.6% Y/Y)
    • Press Release
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  • Aug. 11, 2014, 7:56 AM
    • AngloGold Ashanti (NYSE:AU) reports a Q2 loss of $14M, narrowing from a $3.08B loss in the year-ago quarter.
    • Normalized adjusted Q2 earnings of US$0.19/share, compared with EPS of US$0.02 in the year-ago quarter, with revenues inching higher to $1.36B from $1.3B a year earlier.
    • Q2 gold output rose 17% Y/Y to 1.1M oz., with higher production at its South African, other African and Australian mines more than offsetting a decline at its operations in Brazil; cash costs were $836/oz. vs. $898/oz. in Q2 2013.
    • South Africa region posted production at 319K oz., up 4% Y/Y, at an all-in sustaining cost of $1,064/oz, down 12%; international operations posted a 24% rise in gold production to 779K oz. at an all-in sustaining cost of $1,033/oz, down 19% Y/Y.
    • AU, which says it plans to grow production this year for the first time in almost a decade, foresees current quarter production of 1.06M-1.09M oz. at a cash cost of $850-$890/oz.
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  • May. 19, 2014, 9:09 AM
    • AngloGold Ashanti (AU) +4.8% premarket after reporting Q1 earnings of $0.29/share.
    • Reports Q1 production rose 17% Y/Y to 1.06M oz. at a total cash cost of $770/oz., AU's strongest Q1 performance in four years, vs. guidance of 950K-1M oz. at a total cash cost of $800-$850/oz.
    • All-in sustaining cost, which includes sustaining capex and corporate and exploration costs, fell 22% Y/Y to $993/oz.
    • AU says higher production and lower costs were aided by continued ramp-up of the two new, low-cost Kibali and Tropicana mines, together with ongoing efficiency improvements across the company.
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  • Nov. 7, 2013, 8:59 AM
    • Randgold Resources (GOLD) +5.3% premarket after posting Q3 net profit of $81.3M, down from $103.3M in the year-ago quarter, and basic EPS of $0.88, down from $1.12 a year ago but above analysts' consensus estimate of $0.64.
    • GOLD produced 233,677 oz. in Q3, +14% Y/Y, while gold sales rose on the year to 348,688 oz., +9.5%; says it is on track to produce 550K oz. in Q4.
    • Forecasts the Kibali mine, a joint-venture with AngloGold Ashanti (AU) which began commercial production in September, will produce more than 30K oz. of gold this year and 550K oz. next year.
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  • Nov. 6, 2013, 2:57 AM
    • AngloGold's (AU) profit attributable to shareholders collapsed to $1M from $168M a year earlier, although the figure marked an improvement from Q2, when a writedown of $2.4B - a result of falling gold prices - caused the miner to make a loss.
    • Adjusted profit more than doubled to $576M.
    • Production +1.3% to 1.043M troy ounces; gold price received -19% to $1,327/oz.
    • AngloGold is exiting a number of exploration projects in 13 "non-core" countries as part of a restructuring. The company is "trying to close a sale" of its small Navachab operation in Namibia and it's cutting 430 positions at its troubled Obuasi mine in Ghana. (PR)
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  • Aug. 7, 2013, 3:51 AM
    • AngloGold Ashanti (AU): Q2 adjusted headline loss $135M vs a profit of $113M a year earlier.
    • Revenues fall to $1.30B from $1.68B.
    • Takes $3.2B charge for special items, including $2.98B for impairment of goodwill, tangible and intangible assets.
    • Pretax loss $3.08B vs profit of $495M.
    • Diluted loss per share $5.75.
    • Gold production 935,000 oz, in-line with guidance and up 4% from Q1; total cash cost $898/oz, below expectations.
    • Cuts 2013 capex budget to $1.95B from up to $2.1B.
    • To "more than halve" corporate costs in 2014 and targets saving of $482M for the year. To cut 40% of 2,000 corporate level jobs over the next 18 months, will reduce exploration and evaluation programs to three core regions and pull out of over a dozen countries.
    • Halts dividend payment, due to volatile environment. Will review policy at year-end. Will also revert to bi-annual dividend schedule. (PR)
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  • May. 13, 2013, 8:44 AM
    More on AngloGold's (AU) Q1 results: Gold miners must prepare for a lower gold price environment below $1,500/oz. and perhaps even as low as $1,300 in the coming quarters, new CEO Srinivasan Venkatakrishnan says. Hopes to complete the sale of its Navachab mine in Namibia by year-end and plans to identify at least one other mine to sell, but no further details provided. Shares -1.7% premarket.
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  • May. 13, 2013, 8:19 AM
    AngloGold Ashanti (AU) reports Q1 profit attributable to equity shareholders totaled $239M, down from $581M in the year-ago period. Production was 899K oz. vs. 859K oz. in Q4 2012 and 981K oz. a year ago. Capex totaled $512M, up from $398M. Says it will look at cutting exploration costs and consider some asset sales in the coming months. AU -1.9% premarket.
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  • Feb. 20, 2013, 12:52 PM
    AngloGold Ashanti (AU -4.2%) shares are weak after reporting earnings and interesting comments from outgoing CEO Mark Cutifani, who calls negative views on South Africa "significantly overblown" but says the country’s mining sector "may be finished" if heavy labor violence returns. Tumbling gold prices aren't helping. Other South African miners also are lower: GFI -2.4%, HMY -2.2%.
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  • Feb. 20, 2013, 5:31 AM
    AngloGold Ashanti (AU): 2012 adjusted profit -29% to $924M, EPS falls to $2.39 from $3.36 vs consensus of $3.03. Earnings hurt by strikes at its South African mines and subsequent production cuts. Gold output 3.94M ounces, missing target of 4.3-4.4M ounces. Costs per ounce +14% to $1,009. To pay dividend of 0.50 rand ($0.06) a share for Q4, matching the payout in Q3. (PR)
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  • Nov. 8, 2012, 6:12 AM
    More on AngloGold (AU) Q3: profit plummets 63% to $168M as earnings hurt by the months-long strike in South Africa, which has caused company to lose 250K oz of gold production so far. Total Q3 output -4% to 1.03M oz. Costs +12% to $1,081/oz. Cuts 2012 capital spending by $200M to $2B-$2.1B to make up for lost output.
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  • Nov. 8, 2012, 6:02 AM
    AngloGold Ashanti (AU): Q3 EPS of $0.61 misses by $0.09. Declares dividend of 0.50 rand ($0.06) a share, down from 1 rand in the previous quarter and below 0.70 rand expected. (PR)
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  • Aug. 6, 2012, 8:33 AM
    AngloGold Ashanti (AU) reports Q2 profit attributable to equity shareholders totaled $287M, down from $470M in the year-ago period. AU maintains its full-year output target of 4.3M-4.4M troy ounces at a total cash cost of $780-$805/oz, and expects Q3 production of 1.07M-1.1M oz. at a total cash cost of $835-$865/oz.
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  • Feb. 15, 2012, 3:35 AM
    AngloGold Ashanti (AU): Q4 EPS of $0.76 misses by $0.36, impacted by higher cash costs, higher levels of unsold gold and the impact of a $105M provision related to environmental costs. Revenue of $1.86B. Q4 production of 1.114M oz at $762/oz, in-line with guidance despite a series of safety stoppages. Declares a Q4 dividend of 200 S.African cents/share, up from 90 cents in Q3. (PR)
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Company Description
Anglogold Ashanti Ltd is a gold mining and exploration company with a diverse portfolio of mining operations and projects on four continents. It has 21 operations in 11 countries.
Industry: Gold
Country: South Africa