Listed Mining Companies
ADD A COMMENT PRINT By: Matthew Hill
31st July 2008
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Excluding these one-off items, the company reported adjusted headline earnings of $50-million, less than half of the $100-million figure it posted for the previous quarter.
Significantly, the company also said that it had achieved a record 110 days without a worker dying in its mines, with good progress made on safety across the business.
AngloGold Ashanti’ gold production rose 5% to 1,25-million ounces, while cash costs increased slightly to $434/oz, showing a 6% improvement on guidance it gave earlier this year.
The hedge book saw a 3,15-million ounce reduction and by June 30 stood at 6,88-million ounces, after the company capitalised on a weaker gold market during the quarter.
The after-tax cost of this exercise was $977-million, while AngloGold Ashanti took an $11-million knock for cancelling uranium contracts representing nearly one-third of its contracts as at January 1.
“We understand our asset portfolio and we know what actions are needed to bring about operational improvement, and the building process has already started,” CEO Mark Cutifani commented in an emailed statement.
Edited by: Mariaan Webb
