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anglogold ashanti ltd-cdi (AULDF) Key Developments

AngloGold Ashanti Signs $140 Million Agreement with APA Group

AngloGold Ashanti has signed a $140 million agreement with APA Group for a natural gas pipeline to supply the remote Tropicana and Sunrise Dam gold mines in Western Australia. The 292 kilometer Eastern Goldfields Pipeline will connect AngloGold's mines to APA’s existing pipelines and is seen saving the South African miner millions of dollars in energy costs. The companies said engineering, design and procurement work has begun, with construction expected to start in February 2015. Gas transportation services are due to commence in January 2016.

AngloGold Ashanti Announces Executive Changes

AngloGold Ashanti announced that Christine Ramon will be taking the post of Chief Financial Officer and Executive Director of the Board, from October 1, 2014. She will replace Richard Duffy, who will then step down from both the Board and Executive Committee. Ms. Ramon was formerly the CFO at Sasol Limited. Ms. Ramon, is currently a non-executive director on the board of MTN Group.

AngloGold Ashanti May Seek Partner For Obuasi

AngloGold Ashanti Ltd. (JSE:ANG) may seek a partner to invest in Obuasi mine in Ghana. Chief Executive Officer Srinivasan Venkatakrishnan stated that $600 million had been pumped into Obuasi from AngloGold Ashanti's corporate funds, and $500 million more had been invested through funds generated by Obuasi itself. He added that it was possible that a partner could be found to invest in Obuasi once the problems had been sorted out.

Anglogold Ashanti Plans to Restructure Operations at its Open Pit and Underground Obuasi Gold Mine in Ashanti Region, Ghana

Anglogold Ashanti has unveiled plans to restructure operations at its open pit and underground Obuasi gold mine in Ashanti region, Ghana.

AngloGold Ashanti Ltd. Reports Unaudited Group Earnings and Production Results for the First Quarter Ended March 31, 2014; Provides Gold Production Guidance for the Second Quarter of 2014 and Capex Guidance for the Year 2014

AngloGold Ashanti reported unaudited group earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company's adjusted headline earnings were $119 million or 29 cents per share. Net debt declined modestly to $3.095 billion, signaling that the company generated positive free cash flow. Gold income decreased by $139 million from $1,463 million in the quarter ended 31 March 2013 to $1,324 million in the same period of 2014, representing a 10% decrease over the period. The decrease was mainly due to the $346 per ounce, or 21%, decrease in gold price received from $1,636 per ounce for the quarter ended 31 March 2013 to $1,290 per ounce for the same period in 2014. The decrease was partially offset by a 17%, or 160koz, increase in production from 0.9Moz for the quarter ended 31 March 2013 to 1.06Moz for the same period in 2014. Net profit attributable to equity shareholders for the quarter ended 31 March 2014 was $39 million, compared to a net profit of $239 million for the quarter ended 31 March 2013. Total capital expenditure during the first quarter was $274 million (including equity accounted joint ventures), compared with $477 million the previous quarter and $512 million in the first quarter of last year. This was due to a temporary decrease in expenditure at Kibali and Obuasi. Of the total capital spent, project capital expenditure during the quarter amounted to $115 million. Revenue was $1,359 million, compared to $1,518 million for the last year. Operating profit was $229 million, compared to $264 million for the last year. Profit before taxation was $107 million, compared to $346 million for the last year. Diluted earnings per ordinary share was 10 cents compared to 27 cents for the last year. Net cash inflow from operating activities was $350 million, compared to $356 million for the last year. EBITDA was $476 million compared to $509 million for the same period a year ago. For the quarter, the company's production was 1,055koz at an average total cash cost of $770/oz, compared to 1,229koz at $748/oz the previous quarter and 899koz at $894/oz in the first quarter of 2013. Operational performance for the first quarter was strong with both production and costs coming in better than market guidance. Gold production for the second quarter of 2014 is estimated at 1,020koz to 1,060koz. The company expected around $30 million of sustaining CapEx to roll over into the remaining quarters of 2014, and this will be reflected in higher sustaining business CapEx in second quarter, impacting on projected all-in sustaining cost as outlined earlier.


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