Bad year for AngloGold - stocks dropped 30% in past year, world s worst mining stock biznews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biznews.com Daily Mail and Mail on Sunday newspapers.
JOHANNESBURG Gold miner AngloGold Ashanti said on Wednesday it would suspend its annual production and cost guidance for its Ghanaian Obuasi mine after…
AngloGold Ashanti reported first quarter headline earnings of US$203 million, driven by the higher gold price, as the Company continued its reinvestment programme aimed at completing the redevelopment of the Obuasi gold mine and adding new gold reserves across its portfolio.
Headline earnings of US$203 million, or 48 cents a share in the three months to the end of March 2021, compare to US$143 million, or 34 US cents per share, in the first quarter of 2020.
Adjusted net debt declined by 43% year-on-year to US$908 million in the first quarter of 2021 from US$1,606 million in the first quarter of 2020.
“We continue to make progress in delivering on our strategy,” Christine Ramon, interim chief executive officer said.
ANGLOGOLD ASHANTI LIMITED – AngloGold Ashanti Q1 Earnings Rise to $203m as Obuasi Moves Toward Completion - SENS moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.
File photo: Workers underground at AngloGold Ashanti.
AngloGold Ashanti reported a headline profit of $203 million (R2.8 billion) for the three months to the end of March, thanks to a higher gold price.
This is despite a decline in production due in part to Covid-related absenteeism at its Brazilian operations. The number of confirmed Covid-19 cases in Brazil have now breached 15 million people, with the official death above 422 000.
The company delivered 588 000oz in gold in the quarter at a total cash cost of $999/oz, compared with 630 000oz at a total cash cost of $773/oz from continuing operations in the same period in 2020.