Johannesburg, South Africa — MININGREVIEW.COM — 07 April, 2008 – South African gold major AngloGold Ashanti is forecasting increased first quarter production of approximately 1.19 million oz.
A press release issued here today says the revised production outlook is around 8% above guidance provided at the fourth quarter results presentation. It adds that the company has also fully delivered into maturing hedge contracts during the quarter.
The increased production forecast is a direct result of the stabilisation of Eskom power supply to South African operations during the first quarter, according to the release.
Commenting on the revised outlook, CEO Mark Cutifani said: “Our first quarter performance speaks to the superb job that our South African operating team – in partnership with the unions and Eskom – has done in managing a difficult situation. We are successfully implementing a 4% energy saving target, which will enable us to get back towards our 100% production objective, even though we are working with a reduced power supply.”
The release confirms that the company will revise guidance for 2008 with the first quarter results, which will be released on 6 May 2008.