Anglogold (AU) Gets Dragged by Gold Dive

We recently published 10 Firms Crashing Harder Than Wall Street. Anglogold Ashanti PLC (NYSE:AU) is one of the worst performers on Tuesday.

Anglogold fell by 11.3 percent on Tuesday to close at $66.78 apiece as investors unloaded portfolios in gold mining stocks following the precious metal’s biggest single drop in years.

The stock declined alongside its counterparts, mirroring the steep drop in prices of gold and silver, which nosedived by 6.3 percent and 8.7 percent, respectively during the day, before trimming losses toward the end of the session.

Pixabay/Public Domain

Investors appeared to have taken profits following the precious metals’ soar to new highs over the past weeks.

In other developments, BNAmericas reported that Colombia’s National Mining Agency denied a request by Anglogold Ashanti PLC (NYSE:AU) for the suspension of obligations related to the mining title of its $1.4 billion Quebradona copper project.

The agency was quoted as saying that the Anglogold Ashanti PLC’s (NYSE:AU) request was “legally contradictory to grant opposing requests simultaneously or consecutively” since the mining firm initially requested a suspension of contractual obligations, followed by an extension of the exploration phase.

It added that Anglogold Ashanti PLC (NYSE:AU) did not present sufficient evidence to support exceptional circumstances of force majeure as cited in its application.

The Quebradona project is wholly owned and managed by the company and is considered an attractive long-life, high-grade, low-cost project with the potential to add copper production to its portfolio.

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Disclosure: None. This article is originally published at Insider Monkey.