Past year: ▲ 32%(68.00 – 127.77 USD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2023asset acquisition disposition● Neutral
CEO Alberto Calderon sold 290 AngloGold ordinary shares on 15 September 2023 at an average ZAR324.1446 (about ZAR94,002) in a compulsory sale. It arose from the company's voluntary delisting from the Australian exchange (announced 12 May 2023; removed from the ASX list 27 June 2023), after which holders who had not moved their holdings had to sell on the JSE. It is a small, routine dealing notice rather than a discretionary sale.
18 Sept 2023asset acquisition disposition● NeutralMajor
AngloGold agreed to sell its entire 50% interest in the Gramalote project in Colombia to its partner and manager B2Gold for up to US$60 million, with US$20 million in cash at closing and the balance depending on construction and production milestones. This resolves the open Gramalote thread: the filing says a joint sales process failed to produce an acceptable third-party offer, and the project did not meet either partner's investment thresholds for development. Closing is expected by the end of the year, subject to limited conditions including South African Reserve Bank approval; AngloGold says it remains committed to its Quebradona project in Colombia.
18 Sept 2023listing compliance notice● NeutralMajor
AngloGold announced that trading of its shares and depositary receipts on the Ghana Stock Exchange would be suspended from 20 September 2023 as a step in a corporate reorganisation, announced 27 July 2023, making AngloGold Ashanti plc (England and Wales, currently a wholly owned subsidiary) the holding company of the group. After the reorganisation the current shares are to be delisted from the Ghana exchange and AngloGold Ashanti plc's shares are expected to start trading there on 26 September 2023. The filing does not set out the terms for shareholders beyond this listing swap.
16 Mar 2023joint venture update● NeutralMajor
AngloGold and Gold Fields agreed the key terms of a proposed Ghana joint venture combining Gold Fields' Tarkwa mine with AngloGold's 100%-owned Iduapriem mine, run by Gold Fields inside Gold Fields Ghana. AngloGold would contribute Iduapriem for a one-third interest (Gold Fields two-thirds, excluding the Government of Ghana's share); it still needs agreement with the Ghana government, due diligence, definitive agreements and regulatory approvals, so it is not yet a done deal.
4 Nov 2022business combination▲ GoodMajor
AngloGold has completed the purchase of Coeur Sterling, Inc. from Coeur Mining, paying the US$150 million closing consideration. This resolves the deal announced on 19 September 2022, and the properties will be built into the Beatty District plans. The filing does not mention the possible US$50m deferred payment.
19 Sept 2022business combination▲ GoodMajor
AngloGold agreed to buy Coeur Sterling, a subsidiary of Coeur Mining that owns neighbouring Nevada properties in the Beatty District, for US$150m in cash. A further US$50m is due if AngloGold later declares a Mineral Resource above 3.5Moz from those properties; Coeur estimates 914,000oz today. This extends the Beatty District plan after the Corvus deal, and the properties sit south of Silicon and Merlin and surround Mother Lode. Closing is expected by the end of 2022 and is subject to due diligence and customary conditions. The company still expects first Beatty production in about three years and about 300,000oz a year by the end of the decade.
17 May 2022resource reserve update● Neutral
AngloGold filed its annual Mineral Resource and Ore Reserve Report as at 31 December 2021. The visible extract shows Silicon in Nevada declared as a Mineral Resource for the first time, which follows the earlier expectation of a year-end 2021 declaration. It also lists Gramalote at 50% under B2Gold management and Cerro Vanguardia in Argentina still at 92.5%, with the group in nine countries. The extract is truncated and shows no resource or reserve totals.
4 Apr 2022regulatory community update● Neutral
AngloGold filed its routine 2021 Sustainability Report. The visible extract shows it presents a new operating model under CEO Alberto Calderon, describes nine countries across four continents, and reports economic value generated of $4,360m in 2021 versus $5,134m in 2020, with dividends of $224m versus $38m. It also notes the 2021 Form 20-F was filed on 30 March 2022. The extract is truncated and I can't see the safety or other performance figures.
24 Mar 2022business combination● Neutral
Van Eck Associates Corporation told AngloGold that its total beneficial interest in the company's securities now stands at 5.49% of issued ordinary share capital. This is a routine shareholding notice with no deal or change to the company itself.
24 Feb 2022dividend declaration▲ Good
AngloGold clarified the dividend declared with its 2021 results: Dividend No. 124 is a gross 217 South African cents per share, or 173.60 cents net after 20% dividend tax for those liable. It is declared out of total reserves, with 417,515,144 shares in issue. This is a clarification of the figure in the 22 February results announcement, not a new dividend.
18 Jan 2022business combination▲ GoodMajor
AngloGold has completed its purchase of the 80.5% of Corvus Gold it did not already own, at C$4.10 in cash per share, after Corvus shareholders approved it on 6 January 2022 and the British Columbia court gave its final order on 11 January 2022. This resolves the Corvus deal pending since September 2021 (the filing gives no total cost). Corvus will be delisted from the Toronto Stock Exchange and Nasdaq, and the filing says it will file to stop its US reporting; the CEO says the Beatty District could reach first production in about three years.
20 Oct 2021debt financing● Neutral
This is a second filing of the same pricing announcement for the US$750 million 3.375% notes due 2028, with closing expected on 22 October 2021 and proceeds earmarked to repurchase or redeem the 5.125% notes due 2022. It adds no new information beyond the earlier filing the same day.
20 Oct 2021debt financing▲ Good
AngloGold priced the US$750 million of notes due 2028 at a 3.375% rate, with closing expected on 22 October 2021. The proceeds and cash on hand will go to buying back or redeeming the 5.125% notes due 2022 and paying fees, so this replaces existing debt with a lower stated interest rate and a later due date. This continues the refinancing announced on 18 October.
18 Oct 2021debt financing● Neutral
AngloGold announced a proposed offering of US$750 million of notes due 2028, to be issued by its subsidiary AngloGold Ashanti Holdings plc and guaranteed by the parent. The money, plus cash on hand, is meant to buy back or redeem the subsidiary's 5.125% notes due 2022 and pay related fees. This is a refinancing of existing debt, not new borrowing for a stated new purpose; pricing was not yet announced in this filing.
13 Sept 2021business combination▲ GoodMajor
AngloGold signed a definitive agreement to buy the 80.5% of Corvus Gold it doesn't already own, at C$4.10 per share in cash (up from the C$4.00 non-binding proposal in July). The cost to AngloGold is about US$370 million, funded from AngloGold Ashanti Holdings plc's cash, with no AngloGold shareholder vote needed. It still needs Corvus shareholder votes, court approval and other customary conditions, and is expected to close in Q1 2022; holders of about 46.3% of Corvus shares (including AngloGold's own) are committed to vote in favour.
14 July 2021business combination● NeutralMajor
AngloGold made a non-binding cash proposal to buy the rest of Corvus Gold, a Nevada explorer, at C$4.00 per share, about US$370 million for the shares it does not own. It already holds 19.5% (24,774,949 shares) and says the assets sit next to its own Nevada exploration ground. It follows a US$20 million loan to Corvus from May 2021 that gave AngloGold a period of exclusivity to do due diligence. The deal would be a Canadian plan of arrangement needing Corvus board support, a Corvus shareholder vote and court approval. It is a new growth move after the run of disposals, and it is not yet agreed.
1 Apr 2021resource reserve update● Neutral
AngloGold filed its annual Mineral Resource and Ore Reserve Report as at 31 December 2020. It reports a first-time Mineral Resource declaration at Butcher Well in Australia (70%), and Gramalote now at 50% under B2Gold management. The company concluded none of the changes are material to the overall valuation of the company. Internal reviews were done as desktop reviews and external audits could not take place because of COVID-19 travel restrictions. The extract shows no resource or reserve totals.
1 Apr 2021regulatory community update● Neutral
AngloGold filed its routine 2020 Sustainability Report covering safety, environment and community performance. It reports 3.047Moz of gold produced in 2020, six employee deaths during the year, and a market capitalisation of $9.4bn at 31 December 2020. It also confirms the South African operations moved to Harmony in October 2020 and shows Gramalote at 50%. No new transaction is shown in the extract.
4 Jan 2021asset acquisition disposition▲ GoodMajor
AngloGold and IAMGOLD have completed the sale of their entire interests in the company that owns the Sadiola mine in Mali to Allied Gold, resolving the deal announced in December 2019. Each of AngloGold and IAMGOLD received US$25 million at completion, about US$1.8 million each as a cash balance adjustment, and an US$8.2 million dividend each just before completion. Up to US$26.25 million each in deferred payments remains possible (US$12.5m on each of the first two 250,000 oz of Sadiola Sulphides Project output, and US$1.25m if litigation in Mali is settled favourably). The 41% stake was carried at US$20 million; the profit will be recognised in 2020 results. Mali's government raised its stake by 2% (1% from each partner), so each partner sold 40%.
30 Sept 2020asset acquisition disposition▲ GoodMajor
The sale of AngloGold's remaining South African mines to Harmony Gold has closed, and the initial US$200 million cash payment has been received. Harmony takes full ownership of the assets and their liabilities from 1 October 2020, and the proceeds will be used to further reduce debt. This resolves the pending Harmony sale; the deferred per-ounce payments described earlier are not mentioned in this filing.
17 Sept 2020production update▲ Good
The Boston Shaker underground mine at Tropicana in Western Australia (AngloGold 70%, IGO 30%) reached commercial production in September 2020, on schedule and below its A$105.7m (US$77m) budget. It is expected to add about 100,000 oz a year (at 100%) over a seven-year life. Tropicana's 2020 and 2021 output is still guided at 400,000-450,000 oz (at 100%), versus 513,785 oz last year, with all-in sustaining costs expected to rise. Production is expected to return to 450,000-500,000 oz a year from 2022.
14 Sept 2020asset acquisition disposition▲ GoodMajor
All conditions have been met for the sale of AngloGold's remaining South African mines to Harmony, including unconditional approval from the mineral resources department for transferring the West Wits mineral rights. Closing is scheduled for 30 September 2020, earlier than the 'about 30 June' earliest date noted before. Harmony pays US$200m in cash at closing, plus contingent payments of US$260/oz above 250,000 oz a year for six years from 1 January 2021 (about US$100m) and US$20/oz below current infrastructure. Total expected proceeds are around $300m, and gross cash proceeds go to further debt reduction. The release names Christine Ramon as Interim CEO.
31 Aug 2020asset acquisition disposition● Neutral
AngloGold Ashanti and Barrick agreed to sell their effective 80% stake in the Morila mine in Mali to Mali Lithium, for an estimated US$22m-US$27m in total. AngloGold expects its share of the net consideration to be about US$10m or less. Mining at Morila halted in 2019 and it now processes only stockpiles. Closing needs Mali Lithium to secure acquisition finance and the Mali government to raise no objection. This is another disposal in the portfolio clean-up, alongside the Sadiola and South African sales.
21 Apr 2020resource reserve update▲ Good
AngloGold Ashanti filed its annual Mineral Resource and Ore Reserve Report as at 31 December 2019. It says the Ore Reserve rose by 3.5Moz before depletion, and by 1.1Moz after depletion excluding South Africa. It also notes the Morila resource and reserve has been written off and that the Mponeng and Surface Operations (South Africa) sales were announced in February 2020. The company concluded the changes are not material to the overall valuation of the company.
20 Apr 2020regulatory community update● Neutral
AngloGold Ashanti filed its 2019 Sustainability Report, a routine annual report on safety, health, environment and community performance. It restates items already known: 3.3Moz produced in 2019, Obuasi's first gold pour in December 2019, and the announced South African and Mali asset sales. It says the annual general meeting has been postponed. No new transaction or financial result is shown in the extract.
12 Feb 2020asset acquisition disposition● NeutralMajor
AngloGold Ashanti agreed to sell its remaining South African producing assets (including the Mponeng, Tau Tona and Savuka mines and Mine Waste Solutions) to Harmony Gold, expecting around $300 million in proceeds: US$200m cash at closing plus deferred per-ounce payments tied to West Wits production. It follows the sale process announced in May 2019, and the company intends to use the proceeds to reduce net debt. Closing needs South African competition and ministerial approvals, with the earliest closing around 30 June 2020; AngloGold keeps its Rand Refinery interest and its silicosis settlement and retiree medical obligations.
22 Jan 2020resource reserve update● NeutralMajor
AngloGold Ashanti republished a statement from its Gramalote joint venture partner and manager B2Gold, which reports an updated preliminary economic assessment for Gramalote Ridge in Colombia: 3.85 million ounces over a 13.6-year mine life, pre-production capital of $901 million, and an after-tax NPV of $671 million at $1,350/oz gold. Under an amended agreement signed 23 December 2019, B2Gold will fund the next $13.9 million of spending, after which each partner holds 50% (currently AngloGold 51.7%). The study is preliminary, includes inferred resources, and a final feasibility study is expected by 31 December 2020; AngloGold says it will publish its own price sensitivities after that study.
23 Dec 2019asset acquisition disposition● NeutralMajor
AngloGold Ashanti and joint venture partner IAMGOLD agreed to sell their 41% stakes each in the company that owns the Sadiola mine in Mali to Allied Gold for US$105 million in total (AngloGold's share is half). Only US$25 million each is paid at closing, plus up to US$2.5 million each for a cash balance adjustment, and a further US$25 million each is contingent on the Sadiola Sulphides Project producing the first and second 250,000 ounces. Closing needs Mali government approvals and South African Reserve Bank approval and is expected by end of April 2020. AngloGold and IAMGOLD each also get a US$6.15 million dividend just before closing.
19 Dec 2019production update▲ GoodMajor
AngloGold Ashanti's Ghanaian subsidiary poured the first gold from the rebuilt Obuasi mine, which had been suspended five years earlier; the first construction phase finished on time and on budget. The company expects mining of 2,000 tons per day in 2020 rising to 4,000 by year-end, and initial project capital is still $495m-$545m spent from 2018 to the end of 2020.
