AngloGold Ashanti Limited (AngloGold) reported an increase in revenues y-o-y, driven by higher average gold price realization. Although underlying bottom-line benefited from a decline in the cost of sales as a percentage of revenues, the company reported a significant net loss, largely reflecting its hedging activities. We maintain the ADR rating a SELL at current levels. We will reassess our ADR rating in our next update report. We continue to anticipate a negative currency impact on the South African stock (1 ADR = 1 South African share) over the coming 6-12 months. Therefore, we maintain our SELL rating. We will reassess our South African stock rating in our next update report.

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