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AngloGold +3.3% premarket as Q3 free cash soars

Published 11/14/2016, 09:16 AM
Updated 11/14/2016, 09:16 AM
AngloGold +3.3% premarket as Q3 free cash soars
  • AngloGold Ashanti (NYSE:AU) +3.3% premarket after reporting Q3 results, which included a 36% Y/Y increase in EBITDA to $395M from $291M in the year-ago quarter, while free cash flow surged to $161M from an outflow of $50M the year before.
  • AU says Q3 production totaled 900K oz., compared to 974K oz. in last year's Q3, which had included a combined 32K oz. from Cripple Creek & Victor and Obuasi, which have been sold and idled respectively; all-in sustaining costs rose 14% to $1,071/oz.
  • Q3 output from South Africa fell 7% Y/Y to 235K oz., mainly due to lower average recovered ore grades from underground and stoppages following three fatalities in July; international production fell 5% Y/Y to 665K oz., mainly due to lower ore grades as planned, at both Tropicana and Geita, as well as delays in accessing high-grade ore at the Brazil operation.
  • “Given the unpredictable nature of safety stoppages, I think we’ll take a more prudent or punitive stance internally on a go-forward projections for the production from South Africa, starting from next year,” CEO Srinivasan Venkatakrishnan says.
  • AU says it tentatively expects to produce 3.6M-3.65M oz. this year at an all-in sustaining cost of $980-$1,010/oz.

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