anglogold ashanti-spon adr (AU) Key Developments
South African Mining Union Threatens Strike from AngloGold Ashanti, Sibanye Gold, Harmony Gold and Pan African Resource over Wage Deal
Jun 8 15
South Africa's Association of Mineworkers and Construction Union (AMCU) will launch a wildcat strike if its rival union and gold mining companies impose a wage deal on its members. Under South African labour laws, wage deals between the majority union and employers can be extended to smaller unions. The hardline AMCU union is demanding a more than doubling of wages from gold companies AngloGold Ashanti, Sibanye Gold, Harmony Gold and Pan African Resource's Evander Mines. About 10,000 AMCU members wearing trademark green t-shirts, waving the union's flags and carrying placards with slogans such as 'A Living Wage For All' streamed into the stadium outside Sibanye Gold's Driefontein mine June 7.
IAMGOLD Corp. In Talks To Acquire Stake In Sadiola
Jun 8 15
IAMGOLD Corp. (TSX:IMG) is in continued discussions to acquire stake in Societe D'exploitation Des Mines D'or De Sadiola S.A. from AngloGold Ashanti Ltd. (JSE:ANG). AngloGold and IAMGOLD each own 41% of the Sadiola mine in southwestern Mali and 40% of the nearby Yatela mine. The deal is likely to involve three considerations, including costs for Yatela and cash for the assets. The talks, however, are not bound by a timeline, according to AngloGold CEO Srinivasan Venkatakrishnan.
AngloGold Ashanti Ltd. Presents at Macquarie's Triple M: Global Metals, Mining & Materials Conference 2015, Jun-10-2015
May 16 15
AngloGold Ashanti Ltd. Presents at Macquarie's Triple M: Global Metals, Mining & Materials Conference 2015, Jun-10-2015 . Venue: Omni Berkshire Place, 21 East 52nd Street (Between Madison & 5th Avenues), New York, NY 10022, United States.
Anglogold Ashanti Ltd. Reports Production and Earnings Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Second Quarter of 2015 and Production and Capital Expenditure Guidance for Full Year of 2015
May 11 15
AngloGold Ashanti Ltd. reported production and earnings results for the first quarter ended March 31, 2015. Production was 969,000oz at total cash cost of $744/oz in the three months through March 31, 2015, down from 1.055Moz at $770/oz in the first quarter of last year. Production was affected by a slow start in South Africa after the Christmas break, the sale of the Navachab mine last year as well as the transition of Obuasi to limited operations phase in December. The result compared with guidance of 900,000oz to 940,000oz at $830/oz to $860/oz/oz. AISC improved from $993/oz to $926/oz, while all-in-costs decreased by 8% from $1,114/oz to $1,026/oz over the same period.
First-quarter adjusted headline earnings (AHE) were $35 million, or 9 cents per share in the three months to 31 March 2015, compared with $119 million, or 29 cents per share, in the first quarter of 2014, impacted by lower ounces sold from Ghana, Namibia and South Africa, the lower gold price and a higher tax charge. An adjusted headline loss of $117 million, or 29 cents per share, was recorded the previous quarter. Adjusted earnings before interest, tax, depreciation and amortization (Adjusted EBITDA) were $409 million, compared with $476 million in the first quarter of 2014, with the reduction due mainly to the 6% reduction in the gold price received and a 9% reduction in ounces sold. However, adjusted EBITDA was higher than the previous quarter's $407 million, given the lower costs quarter-on-quarter which helped offset lower output from the South Africa region. Revenue was $1,122 million against $1,359 million a year ago. Operating profit was $142 million against $229 million a year ago. Profit before taxation was $64 million against $107 million a year ago. Loss attributable to equity holders of the company was $1 million against income of $39 million a year ago. Net cash inflow from operating activities was $190 million against $350 million a year ago. Capital expenditure was $168 million against $220 million a year ago. Net debt was $3.150 billion at the end of the first quarter of 2015 compared to $3.095 billion same quarter last year and $3.133 billion in the previous quarter. Free cash flow before financing cost was $20 million compared to $87 million last year. The big swing in free cash flow from last year was due to the negative impact of the $73 per ounce lower gold price as well as working capital movements and equity investments due to the lag in the timing of dividends received.
Production guidance for the second quarter is estimated to be between 960,000oz to 1,000,000oz at total cash costs of $770/oz to $820/oz.
The annual guidance remains unchanged for production at 4.0moz to 4.3moz total cash costs at $770/oz to $820/oz and All-in sustaining costs of $1,000/oz-$1,050/oz, while the average oil price for the year is assumed at $70/bl. Capital expenditure guidance for the year also remains unchanged at $1.0 billion to 1.1 billion.
AngloGold Ashanti Ltd. Approves Amendments to the Memorandum of Incorporation
May 6 15
AngloGold Ashanti Ltd. announced at the AGM held on May 6, 2015, it has approved amendments to the company's memorandum of incorporation.