• Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

  • Money creation made easy

    Changing the money creation system may be simpler than we think, says Edward Ingram.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

AngloGold profits slump 49% on strikes

Nov 08 2012 09:03 AFP
AngloGold Ashanti

Miners are back at work after reaching a pay deal. (Sapa)

Company Data

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 185.80
Change 3.15
% Change 0.02
Cumulative volume 882439
Market cap 74.91bn

Last Updated: 23/04/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

NUM makes pay deal breakthrough

AngloGold sacks 12 000 defiant miners

S&P sounds warning on AngloGold

SA exports sink after mining strikes

SA loses R10.1bn to mining strikes

Sarb sees strikes curbing growth

 
Johannesburg - Mining titan AngloGold Ashanti [JSE:ANG] saw earnings slump 49% in the third quarter, due largely to deadly labour unrest in South Africa, the firm reported on Thursday.

The world's third largest gold producer said profits fell to $235m versus $457m a year before, amid strikes that froze production at the company's six South African mines.

It also reported that operations were back to normal at all but one of its facilities.

"It's been a tough period for the industry here, but we've taken decisive action on a number of fronts to stay the course," AngloGold Ashanti Chief Executive Mark Cutifani said.

"Our major projects are on track and we're making the decisions to ensure we maintain a lean, fit business that will continue delivering strong returns."

Amid fears that the strike will force mining firms to shed jobs, the firm recently cancelled a major mechanisation project at one South African mine to "improve the operation's flexibility".

The company also reported "major growth projects in Australia, the United States and the Democratic Republic of Congo."
anglogold ashanti  |  mining unrest  |  profits
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
3 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Cope loses members to ANC

President of the Cope Youth Movement, Abel Rangata, and three other Cope members have resigned from the party to join the ANC.

 
 

Latest elections multimedia

11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why
Why Jack Parow wants you to vote on 7 May

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...