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    ANG   ZAE000043485

ANGLOGOLD ASHANTI LIMITED

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Mali's gold miners carry on digging despite coup, shares hit

08/19/2020 | 11:03am EDT
FILE PHOTO: Mali President Ibrahim Boubacar Keita wears a face mask during the G5 Sahel summit in Nouakchott

Companies mining gold in Mali said they were operating as usual while monitoring a political crisis that caused the country's borders to shut and hit their share prices on Wednesday.

President Ibrahim Boubacar Keita resigned on Tuesday and dissolved parliament hours after soldiers detained him at gunpoint and seized power in a coup.

Barrick Gold, the biggest miner in Mali, said its Loulo-Gounkoto mine complex - which analysts at Scotiabank estimate will account for 9% of the company's production this year - had not been affected.

B2Gold, Resolute Mining, AngloGold Ashanti, Hummingbird Resources and Cora Gold said operations and staff were unaffected, but traders sold shares because of increased political risk.

Resolute Mining shares fell 11.7%%, Hummingbird dropped 9.4%, B2Gold fell 8.8%, AngloGold Ashanti lost 4% and Barrick fell 2.7%. Cora Gold shares were down 9.3%.

"I have always monitored how much exposure I have in West Africa and in each country in the region because there is more risk and this coup reminds you of that," a London-based gold investor said, asking not to be named.

Gold operations in the vast, land-locked nation are located in the south and west, hundreds of kilometres from the capital Bamako where the coup took place. Many miners continued to operate during a 2012 coup.

However, the Economic Community of West African States (ECOWAS) has ordered the closure of land and air borders with Mali.

That complicates logistics for the mining sector, which accounted for 9.7% of Mali's GDP in 2019.

It was not immediately clear whether miners would be able to export their gold - typically flown out of Mali to be refined - while air borders are shut. Mines would also likely be unable to import supplies until borders reopen.

Barrick said Loulo-Gounkoto had "adequate inventory" for its requirements and management had taken steps to secure its supply lines.

B2Gold said its Fekola mine had sufficient supplies to maintain activities through the end of the third quarter "and beyond if needed".

Africa's fourth-biggest producer of gold, Mali's output rose to 71.1 tonnes in 2019, the government has said, and the state earned revenue of 403.6 billion CFA ($734,311,051) from gold mining companies.

Analysts said future production and investment was in doubt.

"In the longer term, there are more clouds for mining investors as this is the second coup in eight years. It will add to an already very high risk premium that people associate with Mali," Vincent Rouget, analyst at Control Risks Group said.

By Helen Reid and Zandi Shabalala


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANGLOGOLD ASHANTI LIMITED 0.73% 274.9 End-of-day quote.-19.74%
B2GOLD CORP. -0.18% 5.495 Delayed Quote.-22.86%
BARRICK GOLD CORPORATION 0.23% 26.21 Delayed Quote.-11.07%
CORA GOLD LIMITED -3.70% 7.8 Delayed Quote.-4.71%
DOW JONES AFRICA TITANS 50 INDEX -0.27% 525.42 Delayed Quote.-0.10%
GOLD -0.19% 1779.718 Delayed Quote.-6.79%
HUMMINGBIRD RESOURCES PLC -2.30% 19.15 Delayed Quote.-41.05%
RESOLUTE MINING LIMITED -0.92% 0.54 End-of-day quote.-32.08%
S&P AFRICA 40 INDEX -0.66% 168.88 Delayed Quote.-1.79%
SILVER -0.44% 25.813 Delayed Quote.-1.69%
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Financials
Sales 2021 61 665 M 4 301 M 4 301 M
Net income 2021 18 851 M 1 315 M 1 315 M
Net Debt 2021 6 839 M 477 M 477 M
P/E ratio 2021 6,40x
Yield 2021 2,11%
Capitalization 113 B 7 922 M 7 877 M
EV / Sales 2021 1,94x
EV / Sales 2022 1,83x
Nbr of Employees 26 000
Free-Float 99,4%
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Number of Analysts 11
Average target price 387,81 ZAR
Last Close Price 270,60 ZAR
Spread / Highest target 79,2%
Spread / Average Target 43,3%
Spread / Lowest Target 16,4%
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Managers and Directors
NameTitle
Kandimathie Christine Ramon Chief Executive Officer & Executive Director
Ian Kramer Chief Financial Officer
Maria Ramos Chairman
Graham J. Ehm Executive VP-Group Planning & Technical
Sicelo Ntuli Chief Operating Officer-Africa
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