AngloGold Ashanti generates free cash flow in Q2
AngloGold Ashanti Ltd, a global gold mining company formed in 2004 through the merger of AngloGold and the Ashanti Goldfields Corporation, has announced that it generated $71 million of free cash flow in Q2 of this year, with production and costs beating guidance on the back of what it calls another strong performance from its international mines and a recovery from its South African-based operations.
Company CEO, Srinivasan Venkatakrishnan, said:
"Cost management will continue to be a key driver for us. Whilst we've greatly improved the balance sheet following the sale of CC&V, this will not diminish our focus on improving free cash flow and returns through active portfolio management, capital discipline, and unrelenting focus on our operations."
The company, which announced an operating profit of $247 million for the past six months, is also making headway with its outstanding debt. According to its Q2 results, net debt at 30 June 2015 was at US $3.076 billion, reflecting a net debt to adjusted EBITDA ratio of 1.95 times. Cash proceeds received from the sale of CC&V provided additional liquidity and significantly lowered net debt, the results said.