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AngloGold fourth-quarter earnings dive

Feb 20 2013 08:49 Reuters

Gold demand fell in 2012 for first time in 3 years.

Company Data

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 94.90
Change -1.1
% Change -0.01
Cumulative volume 2886928
Market cap 38.30bn

Last Updated: 31/10/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares of AngloGold Ashanti [JSE:ANG], the world's third-largest bullion producer, fell 2.4% in Johannesburg on Wednesday after the company reported a plunge in fourth quarter earnings as wildcat strikes at its South African mines cut into profits.

The South Africa-based miner with global operations said fourth-quarter adjusted headline earnings were 2 US cents compared to 61 US cents in the previous quarter.

Despite this it kept its quarterly dividend at 50 SA cents (6 US cents) a share.

Fourth-quarter production dropped to 859,000 ounces in the quarter after 250,000 ounces, or $208m in earnings, was wiped out by work stoppages that included illegal strikes and underground sit-ins at its South African operations.

Full year production was 3.9 million ounces, well off the company's target of between 4.3 and 4.4 million ounces.

Production targets for 2013 have been reduced with the company now aiming for 4.1 to 4.4 million ounces of output.  

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