https://www.miningweekly.com

Mechanism in place to repatriate $252m from DRC – AngloGold

The Kibali gold operation in Dempcratic Republic of Congo.

The Kibali gold operation in Dempcratic Republic of Congo.

29th May 2020

By: Martin Creamer

Creamer Media Editor

     

Font size: - +

A mechanism is in place to repatriate $252-million from the Democratic Republic of Congo (DRC), AngloGold Ashanti CEO Kelvin Dushnisky has said.

The Johannesburg- and New York-listed company drew attention this month to the outstanding cash balances awaiting repatriation from the DRC in a first-quarter market update.

“There’s clearly room to improve our cash conversion. The focus here is on our remaining cash from the DRC, where we have some $252-million still to be repatriated. Importantly, though, we have access to that cash for use at Kibali, if needed,” Dushnisky said during a virtual first-quarter media roundtable.

Kibali is a joint venture (JV) between Barrick (45%), AngloGold Ashanti (45%) and Société Miniére de Kilo-Moto (10%). Barrick is the operator and gained ownership of the mine through the acquisition of Randgold Resources in January 2019.

“In the DRC, we’ve been able to pay dividends regularly, but we’ve had cash that’s been locked in the DRC that we can repatriate. In the DRC, Barrick, our partner, is the operator and they are leading the discussions in the engagement with the government.”

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.132 1.282s - 110pq - 2rq
Subscribe Now