AngloGold Ashanti Ltd. (AU) posted second-quarter profit attributable to equity shareholders of $287 million or 61 cents per share versus $470 million or 85 cents per share a year ago.
Adjusted headline earnings were 65 cents a share, compared with 89 cents a share in the previous year. The difference in adjusted headline earnings was caused, in part, by planned higher expenditure on exploration and corporate costs; a higher tax charge, given that the benefit of hedge and other losses have been utilised; and the once-off benefit of $30 million to adjusted headline earnings a year earlier, from the sale of the Ayanfuri royalty.
Revenue declined to $1.68 billion from $1.7 billion in the prior-year quarter.
Production during the quarter was 1.073Moz at a total cash cost of $801/oz, better than guidance of 1.04Moz at $840/oz-$845/oz. The operating result was assisted by strong performances from the Continental Africa and Americas region, as well as a recovery from the South African operations, which experienced fewer safety-related stoppages.
Moving ahead, for the third quarter, production is expected to be around 1.07Moz-1.1Moz at a total cash cost of $835/oz - $865/oz.
Further, full-year 2012 expected production remains 4.3Moz-4.4Moz at a total cash cost of $780/oz -$805/oz.
Additionally, AngloGold Ashanti's Board has declared a dividend of 100 South African cents per share, or about 12 cents per share, for the second quarter.
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