On Wednesday, Shares of AngloGold Ashanti Limited (ADR) (NYSE:AU), gained 6.36% to $8.19.
Randgold Resources Limited and AngloGold Ashanti, have concluded an investment agreement (the “Agreement”) aimed at the formation of a joint venture to redevelop and operate AngloGold Ashanti’s Obuasi gold mine in Ghana. In terms of the Agreement, Randgold will lead and fund a development plan designed to rebuild Obuasi as a viable long-life mining business with an attractive cost structure and returns.
Obuasi, located in the Ashanti region of Ghana, 320 kilometres northwest of the capital Accra, is a large, high-grade deposit with proven and probable ore reserves (as stated by AngloGold Ashanti in their 2014 Annual Report) of 24.53Mt at 6.70g/t for 5.29Moz, part of a substantial mineral resource base. In 2012, AngloGold Ashanti initiated a programme to modernise the mine, principally by starting to develop a ramp access that will ultimately run from surface to high-grade blocks of ore underground. The ramp will supplement current vertical hoisting infrastructure and assist debottleneck the underground operation by allowing for greater ease in transporting people and materials underground, and transporting ore to surface. This is a necessary step ahead of the envisaged transformation of the mine into a modern, mechanised operation.
At the end of 2014, AngloGold Ashanti converted Obuasi to limited operations, ceasing underground production, retrenching the workforce, but ongoing to process tailings and starting a feasibility study on the redevelopment of the mine. Development of the decline ramp has continued over this period.
AngloGold Ashanti Limited operates as a gold mining and exploration company. It also produces silver, uranium oxide, copper, molybdenum, and sulphur. The company has 20 operations and exploration projects in South Africa, Continental Africa, Australasia, and the Americas. AngloGold Ashanti Limited was founded in 1944 and is headquartered in Johannesburg, South Africa.
Shares of Yingli Green Energy Holding Co Ltd (ADR) (NYSE:YGE), inclined 24.89% to $0.410, during its last trading session.
Yingli Green Energy Holding Company Limited, declared that its holding partner, Baoding Tianwei Yingli New Energy Company Limited (“Tianwei Yingli”), plans to restructure the repayment plan for $157 million USD (1.0 billion RMB) of mid-term notes (“MTNs”) due on October 13, 2015.
The MTNs were issued by Tianwei Yingli as five-year unsecured notes. The Company anticipates to receive about $138 million USD (875 million RMB) as the compensation (“the Compensation”) from the liquidation of idle land and demolition of facilities held by Fine Silicon, one of the Company’s wholly-owned auxiliaries. The Company believes it will be able to collect a substantial amount of the Compensation to partially repay the MTNs before the end of 2015. The remaining amount of the MTNs is predictable to be repaid within one year, and will be collected from various financing sources, counting the Company’s collection of accounts receivables.
Yingli Green Energy Holding Company Limited, together with its auxiliaries, designs, develops, markets, manufactures, sells, and installs photovoltaic (PV) products in the Peoples Republic of China and internationally.
At the end of Wednesday’s trade, Shares of Barclays PLC (ADR) (NYSE:BCS), gained 1.37% to $14.78.
Weak global growth, driven by weakness in emerging markets, especially in China, drove the Q3 market selloff, according to Barclays’ latest flagship quarterly research publication Global Outlook: Position for mediocre growth. With China deceleration unlikely to reverse any time soon, and developed market growth predictable to remain steady but not spectacular, investors should tilt their equities exposure toward a more neutral position, from the modest overweight position recommended in the last Global Outlook.
“China faces an extended period of strong headwinds related to the long-awaited need to rebalance its economy away from unsustainably high investment spending,” said Ajay Rajadhyaksha, Head of Macro Research. “The prospect of further weakness in China, together with mediocre growth in advanced economies, suggests investors should position for a low growth environment in the months to come. There is no quick bounce-back coming.”
While the growth of advanced economies has been subpar by historical standards, the global consumer has been a source of strength in the US, Europe and Japan, with consumption assisted by tightening labor markets and weak inflation. Tighter labor markets in the US, the UK and Japan mean that central banks may be more cautious about further monetary policy accommodation, despite a subdued inflationary outlook driven by softer demand and excess capacity in China and continental Europe. Government bonds appear less attractive as a ‘safe haven’ than during earlier stages of the recovery.
Barclays PLC, through its auxiliaries, provides various financial products and services worldwide. It offers personal and corporate banking, mortgage, and wealth and investment administration services to individuals and businesses; consumer payments products and services to consumers and merchants; and retail and business banking, corporate and investment banking, and wealth administration and insurance services.
Finally, American Capital Agency Corp. (NASDAQ:AGNC), ended its last trade with 0.38% gain, and closed at $18.70.
American Capital Agency Corp., declared that its Board of Directors has declared cash dividends for the third quarter 2015 on its 8.000% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) (AGNCP) and its 7.750% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) underlying its outstanding depositary shares (AGNCB).
American Capital Agency Corp. operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by government-sponsored enterprise or by the United States government agency.
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