COVID-19: AngloGold Ashanti increases cash flow but loses 11,000 ounces of production
Business & Economy section is brought to you by Jiji.gh — #1 Ghanaian online marketplace
Visit website

COVID-19: AngloGold Ashanti increases cash flow but loses 11,000 ounces of production

- Mining firm, AngloGold Ashanti, has reportedly recorded an increase in cash flow for Quarter 1 in 2020

- The company, however, recorded a fall in production due to COVID-19-related stoppages with operations

- AngloGold Ashanti's cash flow before growth capital reportedly increased by 231% year-on-year to $94 million

Our Manifesto: This is what YEN.com.gh believes in

Reports reaching YEN.com.gh show that AngloGold Ashanti has recorded an increase in cash flow for the first quarter of the year 2020.

In the same period, the company recorded a fall in production as a result of COVID-19-related stoppages with operations.

The company reportedly experiences challenges with its at Brazilian, Argentinian and South African operations and this led to a fall of 11,000 ounces to 716,000 ounces in the three months to March 31 from 752,000 ounces in the same period in 2019.

READ ALSO: AngloGold Ashanti confirms first case at Obuasi gold mine

The company nonetheless recorded strong performances from its Kibali, Geita and Iduapriem mines.

Per a myjoyonline.com report, AngloGold Ashanti withdrew its annual production guidance in March 2020.

The company’s cash flow before growth capital reportedly increased by 231% year-on-year to $94 million.

According to its Chief Executive Officer (CEO), Kelvin Dushnisky, “cash flow is strong, leverage is down, and all operations are running.”

Per an earlier report, Ghana’s gold producer, AngloGold Ashanti, has left South Africa after selling its mines there for $297 million.

The mining firm reached an agreement with Harmony Gold Mining Company Limited to offset its remaining assets and liabilities in the country.

Harmony is expected to pay $200m in cash and $260/oz of gold from Mponeng and other underground assets included in the transaction based on production above 250,000oz/year.

READ ALSO: GSS report shows informal sector recorded the lowest GDP growth in the last 6 years

Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!

Ghanaians share their thoughts on the mandatory wearing of face mask | #Yencomgh

Subscribe to watch new videos

Want to be featured on YEN.com.gh? Send us a message on our Facebook page or on Instagram with your stories, photos or videos

Source: Yen

Mailfire view pixel