Corporate restructuring – AngloGold plans to move its primary listing to the New York Stock Exchange while maintaining its listings in South Africa and Ghana. The company aims to tap into deeper pools of capital in the US and achieve a higher valuation multiple. It also plans to change its domicile to the UK while keeping key corporate functions in Johannesburg. The transaction is expected to incur a cost of 5% of market capitalization due to taxes payable in South Africa. In terms of quarterly results, cash costs per ounce increased by 16% and all-in sustaining cost rose by 15%. EBITDA decreased by 27% from Q1 2022 to Q1 2023. The company has confirmed its guidance ranges for 2023.
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