AngloGold Ashanti to Move Primary Listing to US; Backs 2023 Guidance

By Joe Hoppe

AngloGold Ashanti said Friday that it intends to move its primary listing to New York, and backed its full-year guidance.

The South African gold miner said it has undertaken a comprehensive review of its domicile and listing structure and concluded the most appropriate structure is a U.K. corporate domicile, with a U.S. primary listing and second listings in South Africa and Ghana. It also expects to delist from the Australian stock exchange on June 27.

"This is a logical progression for AngloGold Ashanti, which is well aligned with the evolution of the business in recent years and will assist in unlocking value in a way that's minimally disruptive for our stakeholders," Chair Maria Ramos said.

The mining company also said first-quarter gold production was 584,000 ounces. Total cash costs rose to $1,204 an ounce from $1,041, mainly driven by continued inflation and input price increases, and adjusted earnings before interest, taxes, depreciation and amortization fell to $320 million from $438 million a year prior it said.

AngloGold reaffirmed full-year guidance of 2.45 million-2.61 million ounces, with all-in sustaining cost guidance of $1,405-$1,450 an ounce. It said production and costs are expected to improve over the second half of the year.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

May 12, 2023 01:46 ET (05:46 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.