By Adria Calatayud
AngloGold Ashanti Ltd. said Friday that strong cash generation for 2020 will support a sharply higher dividend payment, and that it is on track to meet cost and production guidance.
The South Africa-based gold miner said 2020 free cash flow generation will be the strongest in almost a decade, building on a free cash flow of $516 million for the first nine months of the year.
AngloGold, which withdrew guidance in March due to uncertainty created by the coronavirus pandemic, in September reinstated guidance for a full-year production of between 3.03 million and 3.10 million ounces, and all-in sustaining costs between $1,060 and $1,120 an ounce.
Adjusted net debt is expected to fall by year-end after already declining by nearly half to $875 million in the first nine months of 2020, the company said.
The company said it will outline guidance for 2021 and 2022 at a capital-markets day planned for the first quarter of 2021, and said it will set a new climate strategy and emission targets in the second half of the year.
AngloGold's search for a new chief executive is in progress, with its board considering internal and external candidates, it added.
Write to Adria Calatayud at email@example.com
(END) Dow Jones Newswires
December 18, 2020 01:37 ET (06:37 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.