Poor safety performance hits AngloGold Ashanti’s production forecast
AngloGold Ashanti pulled its full-year production forecast down to the lower end of its estimate after a poor safety performance in SA, but the higher gold price offset lower third-quarter output and contributed to strong cash flows. AngloGold Ashanti, the world’s third-largest gold miner by volume, said free cash flow for the three months to end-September was $161m from $50m paid out during the same period a year earlier and the $108m generated in the first half of the year. Gold production for the quarter was 900,000oz compared with 974,000oz in the same period a year ago when Cripple Creed & Victor in the US and Obuasi in Ghana jointly added 32,000oz. South African gold production fell by 7% to 235,000oz because of lower grades. During the quarter, AngloGold lost 38,600oz of gold to safety stoppages at its South African mines, bringing the total for the year to more than 80,000oz. On Friday, the Labour Court issued a judgment around the implementation of Section 54 stoppages issu...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.