AngloGold Ashanti swings to quarterly profit

by Reuters 0

Sibanye Gold operating profit up 4 %

AngloGold Ashanti Ltd, Africa’s top bullion producer, swung to a quarterly profit on Monday as robust performance in its international operations offset lower South African production due to power shortages and safety stoppages.

[DATA ANG:AngloGold Ashanti Ltd] said adjusted headline earnings was 9 U.S. cents per share from a loss of 29 cents in the three months to end-December and a profit of 29 cents in the same period last year.

The company said it benefited from lower oil prices in Africa and Australia and also weak currencies in South Africa, Brazil and Australia.

“We’ve continued to focus on delivering real operational efficiencies and tight cost management, while ensuring we benefit from weaker producer currencies and lower oil prices,” said Chief Executive Srinivasan Venkatakrishnan.

First-quarter production reached 969,000 ounces from 1,055 million ounces a year earlier.