AngloGold warns of steep fall in profit as silicosis provision weighs
AngloGold Ashanti will report a steep fall in annual profit for its 2017 financial year, with impairments, restructuring costs and a provision towards a settlement agreement in a silicosis class action in SA weighing heavily on its results. AngloGold, one of the world’s top five gold miners as measured by production, pointed out that operationally it had a strong year, generating more gold than in 2016. For 2017, AngloGold produced 3.755-million ounces of gold compared with 3.628-million ounces the year before, and it said its costs were within guidance. However, its financial performance was less stellar, with restructuring and legal processes the company flagged during the year muddying the waters. AngloGold said it would report a basic loss for the year to end-December of between $180m and $200m, compared with basic earnings of $63m. Its headline earnings, which exclude one-off items, was forecast to be in a broad range of $16m-$38m compared with headline earnings of $111m the ye...
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