First Eagle Comments on AngloGold Ashanti

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Sydnee Gatewood
Jul 26, 2021

Summary

  • The stock was a detractor.
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The world’s third-largest gold producer, South Africa-based AngloGold (

AU, Financial) maintains a diverse portfolio of projects in nine countries. After reporting disappointing earnings earlier in the second quarter, the company in May suffered a fatal accident at its Obuasi mine in Ghana due to a geotechnical event. Per company reports, underground mining activities remain volun-tarily suspended at Obuasi as AngloGold conducts an in-depth assessment of mine design, mine schedule and ground manage-ment plans. On a positive note, the company named a new permanent CEO, who will begin in September and may bring greater strategic clarity to the organization.

From

First Eagle Investment (Trades, Portfolio)s' Gold Fund second-quarter 2021 commentary.

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I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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