PRECIOUS METALS

AngloGold reinstates 2020 guidance

COVID-19 uncertainty passes for gold miner

Staff reporter

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AngloGold guided for production of 2.80-2.86 million ounces - excluding its South African assets - with the bottom end of the range slightly higher than its previous target of 2.65-2.87Moz.

The figure excluded the South African assets as it anticipates the completion of a previously announced sale to Harmony Gold later this month after all conditions were met last week.

Expected all-in sustaining costs of US$1050-1100/oz were slightly higher than the pre-pandemic forecast of $1030-1090/oz.

Capital expenditure sits slightly below the previous estimate at $855-920 million.

The company said Cerro Vanguardia in Argentina, Serra Grande in Brazil and the South African operations had been restored to full operational capacity after pandemic-related suspensions.

The impact of the pandemic was 85,000oz, or about 3% of production, and $53/oz, or about 5% of AISC.

AngloGold's interim CEO Christine Ramon told attendees at the 2020 virtual Gold Forum Americas that the company would be reviewing its interim policy at year-end - a statement BMO analyst Raj Ray said indicated "potential for upside", given the company's steady balance sheet and strong gold price environment.

AngloGold's Australian CHESS depositary interests closed 5% lower at A$7.44 yesterday, valuing the company at $14.2 billion.

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