Reducing AngloGold’s Fair Value as Costs Balloon in the Third Quarter; Shares Look Expensive
AngloGold Ashanti’s free cash flow rose to $131 million during the third quarter, compared with an outflow of $50 million in the prior-year quarter. While this is a positive for ongoing net debt reduction, we note that this result was largely due to exogenous factors. Gold prices were more than $200 higher than last year, functioning as the primary driver for the company's improved financial performance. When it comes to the factors under AngloGold’s control, the third quarter was not so rosy. G...Anglogold Ashanti Limited. AngloGold Ashanti Limited (AngloGold Ashanti) is a gold mining company. The Company's business activities span the spectrum of the mining value chain. Its main product is gold. Its portfolio includes over 17 mines in approximately nine countries. It also produces silver, uranium and sulfuric acid as by-products. The Company operates through four segments: South Africa, Continental Africa, Australasia and Americas. Its South African operations comprise of the West Wits operations, including Mponeng and TauTona, and surface operations. It has operations in Continental Africa in locations, including Democratic Republic of the Congo, Ghana, Guinea, Mali and Tanzania. The Australasia segment includes the operations in Australia. It consists of Sunrise Dam and Tropicana. The Americas segment includes the operations in Argentina, Brazil and the United States.
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