Higher Gold Prices Hide Still-Rising Costs at AngloGold Ashanti; Shares Overvalued
AngloGold Ashanti hit its revised guidance for 2016, producing 3.6 million ounces at all-in sustaining costs of $986 per ounce. While it’s nice to see the company hitting its guidance, this still represented a production decline of roughly 200,000 ounces and an AISC increase of more than 8%. Worse still, 2017 guidance points to still-rising costs, with AISC expected between $1,050 and $1,100 per ounce. Higher gold prices benefited AngloGold in 2016 and drove better profitability, but this is a r...
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