AngloGold Ashanti (AU) Reports Q3 EPS of $0.16

November 3, 2014 7:23 AM EST

AngloGold Ashanti (NYSE: AU) reported Q3 EPS of $0.16, versus $0.28 reported last year.


The strong performance in the first nine months of 2014 helped AngloGold Ashanti tighten the production outlook for 2014 to 4.35Moz-$4.45Moz, at the top end of initial of guidance 4.2Moz - 4.5Moz. This improvement comes despite the sale of the Navachab mine in Namibia in May, losses caused by the earthquake in South Africa, and the transition of the Obuasi Mine to limited operating state by the year-end.

Forecast capital expenditure, initially set at $1.35bn - $1.45bn, has been lowered to $1.25bn - $1.35bn, due mainly to savings at the loss-making Obuasi mine. The forecast for all-in sustaining costs has been kept at $1,025/oz - $1,075/oz.

A study ahead of the reopening of the Obuasi mine, which has a 8.14Moz proved and probable reserve and 27.4Moz inclusive mineral resource, as a full mechanised operation, is scheduled for completion early next year. The company will use cash flows and facilities to fund the remaining retrenchment costs at the mine during the fourth quarter.

For earnings history and earnings-related data on AngloGold Ashanti (AU) click here.

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