Browsing: South African Mining

AngloGold Ashanti, third-largest gold-miner in the world with operations in South Africa on Friday has reported a 72 per cent jump in annual earnings. AngloGold reported that it nearly doubled free cash flow in 2019 to $129 million.

The miner attributed the earnings surge to the higher gold prices and robust operational performance from its Kibali, Geita, Tropicana and Iduapriem mines.

According to the miner’s statement, AngloGold Ashanti headline earning per share measure in South Africa, went up to 91 cents on December 31, 2019, from the previous year, while free cash flow before capital expenditure on growth projects, rose 106 per cent to $448 million.

However, the gold-miner statement noted that: AngloGold Ashanti invested sustaining capital of $494million in 2019 and has forecast an increase to between $640 million and $670 million in 2020.

Also, the additional investment will help the company convert existing resources into additional ore reserves …