❖ 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