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...
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