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Johannesburg - AngloGold Ashanti took advantage of a dip in uranium prices to buy 300 000 pounds of the metal at $75 a pound in order to meet supply obligations in 2008, the company said on Thursday.
Finance Director Srinivasan Venkatakrishnan said the Johannesburg-based company has contractual obligations to supply 1.9 million pounds of uranium next year, but only expects to produce 1.4 million to 1.5 million pounds.
AngloGold, the world's third-largest producer of gold, produces uranium as a byproduct.
The company said that as a result of the acquisition, rising fuel prices and inflation, its total cash costs in the fourth quarter of the year are expected to rise to $364 a troy ounce.
Costs in the third quarter were 7.2% higher than in the previous three months at $357 an ounce.
- Dow Jones News