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This was despite significantly lower production. The company reported a 12% decrease in production, from 1,37-million ounces in the December quarter, to 1,2-million ounces for the first quarter.
AngloGold Ashanti cited power shortages in South Africa, as well as the year-end holiday breaks as reasons for the lower output. There were also lower production volumes at the sunrise Dam operation, as well as at Cerro Vanguardia. The output was, however, still higher than the guidance given by the miner in February.
AngloGold Ashanti added that its production outlook for the year increased on initial estimates, following higher allocation of power and energy efficiency initiatives, which would see South African operations moving towards full capacity.
Total cash costs, at $430/oz, were 6% higher than the previous quarter, which was primarily impacted by the reduced production and inflation, but partially mitigated by weaker local currencies.
The company also boasted its improved safety record and said that its fatality injury frequency rate was down 80% since the launch of its safety campaign in November 2007.
