AngloGold decides to go it alone at mothballed Obuasi mine
The Obuasi mine will offset production lost through the sale or closure of South African assets
AngloGold Ashanti is replacing resources and production lost from the closure and sale of the bulk of its South African operations from its offshore investments. It has also decided to restart its mothballed Obuasi mine to underpin group output in a $500m investment over the next couple of years. AngloGold posted a net loss of $171m for the year to end-December, compared with profit of $80m the year before, despite revenue for the year rising to $4.5bn from $4.3bn before. It did, however, declare a dividend of R0.70 per share for the year, equivalent to $0.06 per share. AngloGold generated 3.755-million ounces of gold at an all-in sustaining cost of $1,054/oz, compared with 3.63-million ounces at $986/oz the year before, with international operations more than offsetting lower South African production. AngloGold’s cash has fallen over the past couple of years — more than halving to $205m at the end of 2017 from $484m in 2015 and $215m in 2016. AngloGold will receive $300m cash from ...
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