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
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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