Give an opinion

❖ Third-quarter gold production rose 11% year-on-year to 997,000oz
❖ AISC unchanged at $1,071/oz despite higher planned reinvestment expenditures, stronger currencies and inflation
❖ Free cash flow $88m– strong turnaround from $41m outflow in the second-quarter of 2017
❖ Adjusted EBITDA $399m, up from $395m in the third quarter of 2016
❖ Production, AISC, total cash costs and capital expenditure remain within original guidance
❖ Net debt to Adjusted EBITDA ratio of 1.49 times, down from 1.56 in the second quarter of 2017
❖ Restructuring of South African operations remains on track​

❖ All brownfields capital projects remain on track and on budget

I like they are cutting some of there expensive South African operations in a restructure. Australia region AISC was 143000 oz @ $825 /oz
Americas 213000 oz @ 673 / oz
Continental Africa was 380000oz @ $696 / oz

Concern over there net debt '

Net debt as at 30 September 2017 was $2.063bn, up from $1.972bn at the same time last year, but lower than the $2.151bn posted​

at the end of the second quarter of 2017'

But it is decreasing, and these aren't the best time for gold miners. Which is reflected in the share price. Could be a good buy with improved Gold price.

Anybody have any insight on why they took on so much debt?

Tooom