Impairments and claim hit AngloGold
The miner expects to report a slide into the red despite having a strong year in which production increased
AngloGold Ashanti’s strong 2017 operational performance will be overshadowed by a noisy set of financial results, which are reflecting impairments, restructuring costs and a provision for a settlement agreement in a silicosis class action in SA pushing the company into a loss. AngloGold, one of the world’s top five gold miners as measured by production, said operationally it had a strong year, generating more gold despite the unsettled nature of its South African operations, with its Kopanang mine headed for closure with TauTona mine, with an expected loss of 8,500 jobs. In 2017, AngloGold produced 3.755-million ounces of gold compared with 3.628-million ounces the year before. It said its costs were within guidance. Its financial performance was less stellar, with the well-flagged costs of restructuring and a chunky provision to end a legal process with sick workers muddying the waters and sending its shares down 3.5% to a session low of R127.80. By the close of trade, the shares w...
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