Johannesburg, South Africa — MININGREVIEW.COM — 04 May 2011 – AngloGold Ashanti Limited “’ the world’s third-largest gold miner “’ is expecting to report a fourfold jump in profits for the first quarter as it ended with forward sales and prices rising to record levels.
Earnings attributable to shareholders probably gained to about US$241 million, or 62 cents a share, from US$56 million, or 15 cents a share, in the prior three months, AngloGold said in a statement issued here. Output was forecast at 1.04 million ounces, within earlier guidance, and costs at US$706 an ounce, higher than the previous estimate of US$700 as oil prices and royalties rose.
AngloGold and Barrick Gold Corporation, the largest producer of the metal, have canceled forward sales of gold to benefit from prices, which climbed to a record US$1,437.40 an ounce last quarter. AngloGold will release its earnings on 11May.
AngloGold may post adjusted earnings excluding one-time items of 53 U.S. cents, after a US$1.99 loss in the previous quarter, according to the statement.