Previous Story
AngloGold Ashanti Trebles First Quarter Cash Flow, Bolsters Liquidity to US$2bn
Posted On 18 May 2020
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.
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.
For New Africa Business News Richard Adorsu Reports, Africa Correspondent
Facebook: newafricabusinessnews.com
Email: Info@newafricabusinessnews.com
AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com
Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.
Coronaviruses are zoonotic, meaning they are transmitted between animals and people. Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.
Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.
Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO
Coronavirus Q&A, World Health Organization
Coronavirus condition overview, World Health Organization
United States, Centers for Disease Control and Prevention
cdc.gov/coronavirus/2019-ncov
Lucky to get New Africa online newspaper on Facebook. Thank you
Thank you for reading Africa’s fastest growing global online newspaper.
Demand for gold is high. Thanks for reporting on this issue.
Thank you for reading Africa’s fastest growing global online newspaper.
No stop to development. Love it
Thank you for reading Africa’s fastest growing global online newspaper.