Johannesburg - Africa’s top bullion producer AngloGold Ashanti said on Monday it fell into a loss in the fourth quarter of 2014 because of costs associated with layoffs and restructuring at its key Ghana operation and accounting adjustments.
AngloGold posted a fourth-quarter adjusted headline earnings loss of $117m compared to a profit of $45m in the same period in 2013 and a profit of $2m in the previous quarter of 2014.
The company has been restructuring its Obuasi gold mine in Ghana, with plans to mechanise the century-old operation that has not made a profit in a decade.