HomeGoldAngloGold Ashanti earnings drop 30%

AngloGold Ashanti earnings drop 30%

Johannesburg, South Africa — 24 July 2012 – South Africa mining giant AngloGold Ashanti has revealed that its second-quarter earnings this year likely fell by as much as 30%, hit by the lower gold price and overshadowing a rise in production.

AngloGold, Africa’s biggest gold miner, said it expected adjusted headline earnings for the quarter to 30 June to total between US$240 million and US$255 million. Reuters reports that this compares with the adjusted headline earnings of US$342 million, or 89 US cents per share, the company reported in the same quarter last year.

The company said in an update issued here that gold output had risen 9% to 1.073Moz from the previous quarter, exceeding its own guidance of 1.04Moz for the period.

AngloGold is expected to report its financial results for the quarter on 6 August.

Source: Reuters Africa. For more information, click here.