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AngloGold maintains annual forecast

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Shopprice South Africa

Johannesburg – AngloGold Ashanti, the world’s third-largest gold miner, maintained its full-year output and cost forecasts even as production and earnings dropped in the first quarter.

Production dropped 11 percent to 861 000 ounces in the three months to March 31, partly mitigated by a 6.5 percent decline in all-in sustaining costs to $860 an ounce, the Johannesburg-based company said in a statement on Monday.

Adjusted earnings before interest, tax, depreciation and amortisation decreased 6 percent to $378 million.

“You saw during the quarter the diversified portfolio offering good leverage to gold prices, currencies and oil coming through very well during the quarter,” Chief Executive Officer Srinivasan Venkatakrishnan said on a call with reporters.

AngloGold has cut costs by about half in the last three years and reduced its debt by about a third after it was forced to restructure following the metal’s 28 percent plunge in 2013.

While the company still doesn’t pay a dividend, its cash flow improved after gold rallied this year and currencies declined in its major-producing countries such as South Africa, lowering expenditure.

The company generated $70 million of free cash flow in the first quarter, compared with an outflow of $40 million in the same period a year ago, Venkatakrishnan said. Net debt dropped to $2.1 billion, from $2.2 billion the previous quarter.

 

iol.co.za

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