Johannesburg - AngloGold Ashanti [JSE:ANG], the world’s third-largest miner of the metal, reported a quarterly loss after the metal’s price dropped and production declined.
The adjusted headline loss, which exclude one-time items, was $52m in the three months ended September 30, from a profit of $26m in the previous quarter, the Johannesburg- based company said in a statement Monday.
Production decreased 3.3% to 974 000 ounces from the previous quarter, still ahead of forecast. All-in sustaining costs rose 1% to $937 an ounce.
AngloGold, with 19 operations in nine countries, has outperformed rivals this year by selling assets and cutting its debt to combat a gold price that’s down 43% from its peak in 2011. The company’s shares have dropped 3.8% this year, compared with a 35% decline in a gauge of 15 large gold miners tracked by Bloomberg Intelligence.
The company’s average gold price received fell 5.8% to $1 123 an ounce in the quarter from the previous three months. The metal climbed 0.4% to $1 093.62 an ounce at 05:25 in London.
AngloGold sold its Cripple Creek & Victor mine in Colorado for $820m this year and used the proceeds to pay off most of a high-yield bond that paid 8.5% interest. Its net debt declined 25% to $232bn at September 30