FILE PHOTO: IOL

JOHANNESBURG - AngloGold Ashanti said on Thursday that it expected production from retained operations to increase by four percent from 1.517 million ounces to 1.578 million ounces for the six months ended 30 June 2018.

AngloGold Ashanti said that this was due to strong production improvements from its Sunrise Dam, Kibali, Iduapriem, Mponeng and Tropicana mines.

However, production for the period is expected to be 1.629 million ounces compared to 1.748 million ounces in the comparative period given the sale of Moab Khotsong and Kopanang mines in the first quarter of 2018, and the closure of TauTona at the end of last year, which together resulted in a net year on year reduction of 180,000 ounces. 

The company expects to report positive basic and headline earnings for the six months ended 30 June 2018, increasing to a profit of between U.S.$91 million and U.S.$108 million, with headline earnings per share of between 22 cents and 26 cents. 

This represents a turn-around from the losses reported for the comparative period which were U.S.$89 million and 22 cents, respectively, for headline loss and headline loss per share.

AngloGold Ashanti said the expected increases in both basic and headline earnings for the period were due to, among others, an improved operating performance, reflected in the four percent improvement in production from retained operations, and a six percent improvement in the average gold price.

- African News Agency (ANA)