AngloGold to Pull Back Investment in Face of Falling Profits

Bloomberg reported that AngloGold Ashanti has announced that they are cutting back on investment in current and future projects as it struggles to rein in falling profits, partly due to labour unrest last year.

As quoted in the market report:

Capital expenditure will decline to $2.1 billion from $2.2 billion in 2012, the company said today in a statement. Gold output, down 17 percent to 859,000 ounces during the fourth quarter because of strikes, may be as much as 950,000 ounces in the three months to March depending on the labor situation. Unrest cut production, reducing profit 29 percent last year.

To view the whole Bloomberg report, click here.