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    AngloGold Ashanti Trebles First Quarter Cash Flow, Bolsters Liquidity to US$2bn

    Posted On 18 May 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 6

    By Richard Adorsu-

    Photo Credit: Energy Ghana

    NEW AFRICA BUSINESS NEWS (NABN) Accra- Ghana, AngloGold Ashanti bolstered its available liquidity to more the US$2bn, improved leverage and more than treble first quarter cash flow from operating activities as key mines delivered solid performances. However, free cash flow before growth capital increased 231% year on year to $94 million, the company said.

    “Cash flow is strong, leverage is down, and all operations are running,” Chief Executive Kelvin Dushnisky said in a statement.

    AngloGold has resumed operations at affected mines, leading with South African mines able to produce at 50% capacity after the government lifted an order for most underground mines and furnaces to be put on care and maintenance as part of a nationwide lockdown.

    AngloGold has also benefited from strong bullion prices on rising demand for a commodity widely perceived as a safe-haven investment in times of economic and political instability.

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    The company said it had bolstered liquidity to $1.1 billion after redeeming a 10-year $700 million bond and securing additional credit facilities of $1 billion.

    Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 54% year on year to $473 million, compared with $307 million in the same quarter last year.

    AngloGold said it had built inventories of critical spares and ore stockpiles to improve its ability to respond to operational disruptions and limit the impact of the Covid-19 crisis.

     

     

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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    About the Author
    New Africa Business News Staff Correspondent
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    6 Comments

    1. Mam May 18, 2020 at 10:50 pm Reply

      Lucky to get New Africa online newspaper on Facebook. Thank you

      • New Africa Business News, Staff Correspondent May 19, 2020 at 12:36 am Reply

        Thank you for reading Africa’s fastest growing global online newspaper.

    2. Alhaja May 18, 2020 at 10:54 pm Reply

      Demand for gold is high. Thanks for reporting on this issue.

      • New Africa Business News, Staff Correspondent May 19, 2020 at 12:37 am Reply

        Thank you for reading Africa’s fastest growing global online newspaper.

    3. Adam May 18, 2020 at 11:04 pm Reply

      No stop to development. Love it

      • New Africa Business News, Staff Correspondent May 19, 2020 at 12:37 am Reply

        Thank you for reading Africa’s fastest growing global online newspaper.

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