AngloGold Ashanti keeping close eye on acquisition opportunities in Australia
AngloGold Ashanti [JSE: ANG] is keeping a close eye on potential acquisition opportunities in Australia, the Australian Financial Review reported.
The paper cited AngloGold Ashanti Australia senior vice president Mike Erickson as saying that the company has significantly improved its balance sheet and would not rule out acquisitions.
The item noted that South Africa-based AngloGold sold its Colorado-based Cripple Creek and Victor mine for USD 820m in June, which enabled it to reduce its net debt by 25% at 30 September.
Erickson said that there is likely to be increased M&A activity in the gold space as major miners continue to divest assets.
AngloGold operates the Tropicana and Sunrise Dam gold mines in Australia, the item noted.
The paper also noted that the weak Australian dollar has enabled gold miners to generate significant cash, which has added to M&A activity in the space.
Australian Financial Review