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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  AngloGold Ashanti Limited    ANG   ZAE000043485

ANGLOGOLD ASHANTI LIMITED

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AngloGold Ashanti moots higher dividend as gold price boosts earnings

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08/07/2020 | 06:56am EDT
Sun sets behind a shaft outside the mining town of Carletonville

AngloGold Ashanti said on Friday it would consider paying a higher annual dividend after reporting a more than 200% jump in first-half earnings, driven by higher gold prices and a weaker local currency.

AngloGold, which has operations in Australia, Brazil and Tanzania, said its headline earnings per share for the six months ended June rose 234% to 97 cents against 29 cents a year earlier, despite output disruptions caused by COVID-19.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 59%.

"Cash flows are extremely robust, demonstrating the significant operating leverage we have to this strong gold price," Chief Executive Kelvin Dushnisky said.

Dushnisky, who steps down in September, said the company would focus on cutting costs and capital management as it seeks to widen margins and increase reserves through exploration and expansions.

Spot gold has roared past $2,000 an ounce for the first time, giving South African gold miners a lifeline after the disruption caused by the COVID-19 pandemic.

AngloGold, which pays an annual dividend of 10% of its free cash flow before growth capital, said free cash flow had increased more than four-fold to $324 million.

"If gold prices stay at these levels, and we continue to manage our margins well and we continue to generate increasing free cash flow, we will see increased dividends," Dushnisky said in an interview.

If prices remained supportive and the company strengthens its balance sheet, the board could also consider changing its dividend policy, Dushnisky said.

The bullion miner, which is completing the sale of its last South African assets, said it had lost around 85,000 ounces of output due to COVID-19, with 63,000 ounces of that from South Africa.

Production during the period was 1.469 million ounces compared to 1.554 million ounces for the first six months of last year.

Dushnisky said the board was considering moving its primary listing from the Johannesburg Stock Exchange but its current focus was navigating the pandemic.

By Tanisha Heiberg

Stocks mentioned in the article
ChangeLast1st jan.
ANGLOGOLD ASHANTI LIMITED -4.00% 540.14 End-of-day quote.70.66%
DOW JONES AFRICA TITANS 50 INDEX -0.94% 477.36 Delayed Quote.-10.30%
DOW JONES SOUTH AFRICA(ZAR) -1.90% 1692.89 Delayed Quote.-4.35%
EURO / BRAZILIAN REAL (EUR/BRL) -0.04% 6.4077 Delayed Quote.40.55%
GOLD 0.03% 2034.9 Delayed Quote.36.42%
S&P AFRICA 40 INDEX -1.64% 159.27 Delayed Quote.-7.88%
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Latest news on ANGLOGOLD ASHANTI LIMITED
08/07AngloGold Ashanti moots higher dividend as gold price boosts earnings
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08/07AngloGold Ashanti 1st Half Net Profit Boosted by Higher Gold Prices
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08/07ANGLOGOLD ASHANTI : August 07, 2020 - AngloGold Ashanti weathers COVID-19 disrup..
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08/04ANGLOGOLD ASHANTI LIMITED : half-yearly earnings release
08/03ANGLOGOLD ASHANTI : July 17, 2020 - S&P credit rating on AngloGold Ashanti at BB..
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07/31South Africa's rand hits new 3-week low, stocks slip
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07/31ANGLOGOLD ASHANTI : July 31, 2020 - AngloGold Ashanti announces a change to its ..
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07/30KELVIN DUSHNISKY : Anglogold Ashanti CEO Kelvin Dushnisky to Step Down on Sept 1
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07/30ANGLOGOLD ASHANTI : July 30, 2020 - AngloGold Ashanti CEO to step down  (128.1k)
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07/30Anglogold Ashanti CEO to step down on Sept. 1
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More news
Financials
Sales 2020 72 852 M 4 132 M 4 132 M
Net income 2020 15 044 M 853 M 853 M
Net Debt 2020 16 311 M 925 M 925 M
P/E ratio 2020 12,8x
Yield 2020 0,72%
Capitalization 225 B 12 800 M 12 763 M
EV / Sales 2020 3,31x
EV / Sales 2021 2,53x
Nbr of Employees 26 000
Free-Float 89,5%
Chart ANGLOGOLD ASHANTI LIMITED
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Technical analysis trends ANGLOGOLD ASHANTI LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 9
Average target price 512,36 ZAR
Last Close Price 540,14 ZAR
Spread / Highest target 35,2%
Spread / Average Target -5,14%
Spread / Lowest Target -27,8%
EPS Revisions
Managers
NameTitle
Kelvin P. M. Dushnisky Chief Executive Officer & Executive Director
Sipho Mila Pityana Independent Non-Executive Chairman
Sicelo Ntuli Chief Operating Officer-South Africa
Kandimathie Christine Ramon Chief Financial Officer & Executive Director
Graham J. Ehm Executive Vice President-Planning & Technical
Sector and Competitors
1st jan.Capitalization (M$)
ANGLOGOLD ASHANTI LIMITED70.66%12 800
NEWMONT CORPORATION58.60%55 395
BARRICK GOLD CORPORATION62.81%51 264
POLYUS154.69%32 906
WHEATON PRECIOUS METALS CORP.83.20%23 731
NEWCREST MINING LIMITED19.27%21 128