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    BREAKING NEWS
    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
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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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    Africa’s Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com

    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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    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.

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    Websitewho.int/emergencies
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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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    A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Nigeria Launches National Domestic Payments Card Program

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    • A twin Currency Trade Finance Line of Credit of $50 Million and €50 Million has been validated by the Board of Directors of the African Development Bank Group and the ECOWAS Bank for Investment and Development
    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years

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