Photo by: Bloomberg
JOHANNESBURG (miningweekly.com) – Gold producer AngloGold Ashanti’s closure of its Yatela mine, in Mali, and the ongoing restructuring at its Obuasi mine, in Ghana, would likely drag down earnings for the second quarter.
AngloGold embarked on the implementation of a range of interventions to deal with the historic underperformance of Obuasi and close the Yatela mine following a sharp decline in the gold price.
“Over the past 18 months, AngloGold has taken decisive steps to adapt [and] reduce costs, [as well as] improve the overall quality of its portfolio to improve cash flow and returns,” the company said in a statement on Friday.