We’ve Raised AngloGold Ashanti’s FVE After Lower Costs, but See Limited Upside
AngloGold Ashanti announced operating results for 2018, finishing the year with continued solid performance. Production fell roughly 9% to 3.4 million gold ounces, but the decline largely reflected sold mines. Organic production actually rose 2% in 2018 over 2017. However, the most meaningful surprise was the continued progress AngloGold has made on costs. Total cash costs per ounce declined 2% to $773 per ounce for the full year, and all-in sustaining costs, or AISC, declined 7%, to $976 per ou...
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