AngloGold Ashanti Limited (AngloGold) reported an increase in revenues y-o-y, driven by higher average gold price realization. Meanwhile, operating income benefited from a decline in cost of sales, as a percentage of revenues. Given the significant decline in ADR price since our last update report and better-than-expected results we upgrade our ADR rating from a SELL to a HOLD. We will reassess our ADR rating in our next update report....

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....

AngloGold Ashanti Limited (AngloGold) announced its 2Q 09 results on 31 July 2009, with revenues and profitability falling well short of our estimates. In light of these disappointing results, as well as a downward revision in the company's full-year production guidance, we expect to lower our estimates and target price in our next update report. Therefore, at current levels, we downgrade the ADR from a HOLD to a SELL....