AngloGold Ashanti plc. (AU) has announced a 3% rise in gold production during the third quarter of 2023 compared to the second quarter. This increase was attributed to higher ore tons processed, partially offset by lower overall recovered grades.
The third quarter of 2023 witnessed gold production of 673,000 ounces, up from 652,000 ounces in the second quarter of the same year. Notably, strong performances from Iduapriem, Siguiri, Kibali, MSG, Geita, and Tropicana were partially offset by lower production performances at Obuasi, AGA Mineração, Cerro Vanguardia, and Sunrise Dam.
Based on the solid gold performance in the quarter and expectations of further improvement, the company has reaffirmed its annual production guidance for 2023. AngloGold Ashanti anticipates production to range from 2,450,000 to 2,610,000 ounces for 2023.
Updates and Developments
During the quarter, AU completed the sale of a 50% indirect interest in its Gramalote project to B2Gold (BTG). The project, located in the Department of Antioquia, Colombia, has been advanced under a joint venture between B2Gold and AngloGold, with each holding a 50% stake. Additionally, the company successfully migrated its primary listing from the Johannesburg Stock Exchange to the New York Stock Exchange on Sep 25, 2023.
AngloGold Ashanti has also been actively engaged in decarbonization projects at Geita and has initiated work on a renewable energy project at Tropicana.
Price Performance and Zacks Rank
Despite the positive production news, shares of AngloGold Ashanti have experienced an 11.8% decline in the past year, in contrast to the industry’s growth of 1.7%.
The company currently holds a Zacks Rank #3 (Hold).
Stocks to Consider
From the basic materials space, investors may consider looking at Carpenter Technology Corporation (CRS) and Universal Stainless & Alloy Products, Inc. (USAP). CRS currently holds a Zacks Rank #1 (Strong Buy), while USAP carries a Zacks Rank #2 (Buy) at present.
Carpenter Technology has demonstrated an average trailing four-quarter earnings surprise of 14.3%. The Zacks Consensus Estimate for CRS’ fiscal 2024 earnings is $3.57 per share, with estimates showing a 3% increase in the past 60 days. On the other hand, Universal Stainless & Alloy Products has showcased an average trailing four-quarter earnings surprise of 44.4%. The Zacks Consensus Estimate for USAP’s 2023 earnings is 27 cents per share, with earnings estimates remaining unchanged in the past 60 days.
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These insights and analyses have the potential to guide investment decisions and support a well-rounded understanding of the market’s dynamics, allowing investors to make informed choices with confidence.
For comprehensive stock analysis and valuable insights, interested individuals can access the free stock analysis reports for the mentioned companies:
- AngloGold Ashanti PLC (AU) : Free Stock Analysis Report
- Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
- Universal Stainless & Alloy Products, Inc. (USAP) : Free Stock Analysis Report
- B2Gold Corp (BTG) : Free Stock Analysis Report
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