- AngloGold Ashanti released its Q3 results last week, reporting quarterly gold production of ~613,000 ounces at all-in sustaining costs of $1,362/oz.
- This translated to a sharp decline in production from the year-ago period, with costs soaring due to fewer ounces sold and increased capital expenditures across the portfolio.
- At a share price of US$21.60, AngloGold Ashanti trades at 10x FY2022 earnings estimates, which is not unreasonable for a multi-million-ounce producer with a decent development pipeline.
- However, with the stock up more than 45% from its lows, I would not be chasing the stock above $22.00 per share.
For further details see:
AngloGold Ashanti: Another Tough Quarter For This Senior Producer