AngloGold Ashanti takes a foreign exchange beating, posts hefty first-half loss
AngloGold Ashanti posted a hefty interim loss, taking strain with local currency strength against the dollar.Its South African mines weighed on the group as it began a process to shut two old mines and restore the region to sustainable profits.AngloGold, the world’s third-largest gold miner, reported a post-tax loss of $165m compared with a $61m profit a year earlier and an $80m profit at the end of its 2016 financial year. No dividend was paid."Lower grades and the slow production start to the year from the South African operations were offset by another strong performance from the international operations, with a notable improvement from Siguiri, where higher grades helped drive a 25% increase in production," the company said."The stronger rand and Brazilian real continued to weigh on margins, while the planned increase in capital expenditure on the brownfield project portfolio also contributed to the higher all-in sustaining costs," it said, pointing out that the rand and real ha...
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