AngloGold Ashanti Beats Guidance on Cash Costs and Increases Production for Strong Q1 Results

AngloGold Ashanti (NYSE:AU) announced strong first quarter earnings, despite a drop in gold prices.

As quoted in the press release:

A continued emphasis on cost optimisation saw total cash costs beat guidance at $894/oz, with further improvements during the year as focus was sharpened on generating sustainable free cash flow from an improving portfolio. The company’s two key new projects — Tropicana in Australia and Kibali in the DRC — are on schedule to pour their first gold by the end of the year adding half-a-million ounces of new production.

Anglo Gold’s CEO, Srinivasan Venkatakrishnan , said:

Our major projects remain on budget and on schedule to pour gold by year-end, improving the quality of the portfolio. Prudent capital allocation will drive our strategy to deliver profitable ounces and sustainable free cash flow, whilst maintaining a strong balance sheet.

To view the whole press release, click here.