AngloGold’s Dushnisky expects $202m in cash to be repatriated from DRC “very soon” – by David McKay (MiningMX.com – February 21, 2020)

MiningMX.com

ANGLOGOLD Ashanti was confident it would get release of some $202m in cash waiting for repatriation from the Democratic Republic of Congo (DRC). “Barrick has been having constructive discussions and we expect to get that released very soon,” said AngloGold CEO, Kelvin Dushnisky.

The cash due to AngloGold by dint of its 45% in Kibali, the DRC gold mine it shares with state-owned gold company, SOKIMO, and Barrick Gold which controls the other 45% in the mine and is its operator. Kibali had a stand out year in 2019 beating guidance of 750,000 ounces in its 2019 financial year by delivering a record 814,027 oz.

Barrick is also in a discussion with SOKIMO regarding plans to sell its 10% stake in Kibali to AJN Resources, a Canadian listed company that has Congo gold industry veteran Klaus Eckhof as president and CEO. Barrick said in a statement last night it had not received notice from SOKIMO of its intention to sell, but would deny the request anyway.

The cash from the DRC would have made a good year better for AngloGold in 2019 in which it announced a 57% lift in the 2019 total dividend (74% in rand terms) of 11 US cents per share. This was on the back of a higher dollar gold price which surged 21% in the second half of the year and was on average 10% higher year-on-year at $1,387/oz.

This offset a 4% decline in AngloGold’s annual production which fell to 3.28 million oz at an all-in sustaining cost (AISC) of $992/oz. Production of 3.05 to 3.3 million oz at an AISC of $1,040 and $1,100/oz has been forecast for the current financial year.

For the rest of this article: https://www.miningmx.com/top-story/40372-anglogold-lifts-dividend-57-as-ceo-dushnisky-kicks-off-first-full-year-in-style/