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Johannesburg - Africa’s biggest gold miner AngloGold Ashanti
[JSE:ANG] posted first-quarter earnings Thursday that exceeded expectations as
it cashed in on a higher gold price, improved margins and a $90m net tax
credit.
Production fell 6% to 981,000 ounces after safety stoppages
sliced in South Africa about 76,000 ounces in the first three months of the
year. This meant it missed its initial guidance of 1.03 million ounces for the
first quarter.
But AngloGold, which gets 40% of its global output from
South Africa, maintained its full year production target of between 4.3 million
and 4.4 million ounces of gold.
Adjusted headline earnings per share were 46% higher at 111
US cents in January to March from 76 cents in the previous quarter.
The company declared a first-quarter dividend of 100 South African cents a share.
