AngloGold Ashanti Profit More Than Doubles on Production Growth

AngloGold Ashanti’s (NYSE: AU) reported that it adjusted headline earnings more than doubled to $129m after posting lower costs and a strong increase in production from its mines in South Africa and the Americas.

The press release is quoted as saying:

Production was 1.13Moz at $617/oz in the three months to 30 June, compared with production the previous quarter of 1.08Moz at $619/oz, and guidance of 1.08Moz at $650/oz. The South African operations delivered an outstanding performance with a 16% increase in production to 447,000oz and an 11% drop in costs to $560/oz. The Americas division posted another strong quarter with 7% growth in production to 221,000oz, cementing its position as AngloGold Ashanti’s lowest cost region at $416/oz.

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