JOHANNESBURG – AngloGold Ashanti said on Wednesday that it expected headline earnings for six months to June to be between US$111 million (R1.6 billion) and $129m, up from $99m for the comparative period.
The world's third-largest gold producer said that headline earnings per share for the period will be between 27 US cents and 31 US cents, up from 24 US cents last year.
AngloGold Ashanti said the expected overall increases in headline earnings were primarily due to the prior period retrenchment costs related to the restructured South African operations were not repeated in 2019, resulting in increased earnings of $22m, post-tax, or 5 US cents per share.
Last year, AngloGold Ashanti retrenched 2 000 workers in South Africa following the sale of the Kopanong and Moab mines and the closure of TauTona Mine.
The miner also said the interim earnings benefited from a Brazilian power utility legal settlement of $11m, post-tax, or 3 US cents per share received in April this year; and income from joint ventures, mainly Kibali, increased by $38m or 9 US cents per share.