CAPITAL MARKETS

AngloGold tightens its belt as rand strengthens

CONTINUED strength in the South African currency will see the country’s biggest gold producer, AngloGold, cut its budget for local expenditure by at least 200 million rand by trimming costs and minimising capital outlays.

Tim Treadgold

AngloGold tightens its belt as rand strengthens

Over the past 18 months, the rand has risen by more than 40% and the South African gold price has fallen by 30%. AngloGold said it was expecting to achieve R100 million in cost savings, and another R100...

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