AngloGold makes record $924m earnings in ‘difficult’ 2012

AngloGold Ashanti says it made a full-year 2012 adjusted headline earnings (AHE) of $924 million, the second-highest on record, despite a difficult year in which an unprotected strike and safety stoppages caused major disruptions to its South African operations.

In a statement released February 20, 2013 and copied to ghanabusinessnews.com, the Africa-focused miner said the AHE for the year included about $208 million lost to the strike, compared with $1.3 billion.

According to the company, production in 2012 was 3.94 million ounces at a total cash cost of $862 per ounce, which included about 235,000 oz lost to the strike.

The annual production compares to 4.33 million ounces at a cash cost of $728/oz in 2011.

The company says it plans to deliver higher margin production from its South African mines.

“We’ve moved decisively to ensure that we continue a strong recovery from a difficult end to last year,” Joint Interim Chief Executive Officer Tony O’Neill said.

AngloGold anticipates 2013 production will round-up between 4.1 and 4.4 million ounces at an “improved total cash cost of $815/oz to $845/oz”.

It announced a $2.1 billion capital expenditure for 2013 focused on investment.

By Ekow Quandzie