Thursday 02, August 2018 by Bloomberg

AngloGold posts an increase in net profit as it exits South Africa mines

 

AngloGold South African mines’ ageing infrastructure, reserve depletion as well as accidents have raised costs and reduced production.

  

AngloGold Ashanti has announced that it returned to profit in the first half after the world’s third-biggest producer of the metal realised better prices for its output and it exited some South African operations.

So-called headline earnings, which exclude one-time items, probably ranged from $91 million to 108 million in the six months ended 30 June from a loss of $89 million last year.

Production climbed four per cent to 1.59 million ounces from a year earlier, while the average gold price received rose six per cent.

AngloGold halved its South African output after selling the Kopanang and Moab Khotsong mines in February as well as the closure of the TauTona mine announced last year.

span> Operations outside the country now account for 87 per cent of the company’s business.

 

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