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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)

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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
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