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AngloGold earnings up, output recovers

Johannesburg - AngloGold Ashanti [JSE:ANG] reported a near sixfold jump in first-quarter earnings on Monday as operations recovered from a wave of illegal strikes late last year.

The world's third-largest bullion producer said adjusted headline earnings per share rose to 29 US cents in the January-March quarter from 5c in the last quarter of 2012.

The company maintained a dividend of 50 South African cents (6 US cents) per share.

"The stronger performance relative to the previous quarter reflects the recovery from the strike action at the South Africa operations which hampered production towards the end of last year," the company said in a statement.

Production rose to 899,000 ounces from 859,000 ounces in the previous quarter.

The company had to contend with a lower gold price in the first quarter and the precious metal has lost further ground since, which will put additional pressure on margins and costs.

AngloGold aims to sell an asset later this year, new CEO Srinivasan Venkatakrishnan said.

Venkatakrishnan said on a conference call it would have "one other asset sale later in the year" following an announcement last month it planned to sell its Navachab mine in Namibia.

Venkatakrishnan, known as Venkat, is a well-tested hand who has been the company's chief financial officer.

He will immediately face a tough round of upcoming wage negotiations in South Africa, which accounts for 40% of group output.


 

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