AngloGold Ashanti increase share capital

AngloGold Ashanti, earlier in February, announced full-year adjusted headline earnings of US$924m, the second-highest on record, despite a difficult year in which an unprotected strike and safety stoppages caused major disruption to its South African operations.

The company is planning to deliver higher margin production from its South African mines, which were shuttered by a strike between the end of September and the beginning of November.

Exploration spending across the group has been rationalised, corporate and operating costs are undergoing a review, some assets deemed to be non-core are being considered for sale and capital expenditure has been prioritised.

'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. O'Neill has oversight of all operating and exploration functions, while fellow joint interim CEO Srinivasan Venkatakrishnan has accountability for all financial and corporate matters.

AHE for the year was US$924m, or 239 US cents a share, which included about $208m lost to the strike, compared with US$1.3bn, or 336 cents a share in 2011.

Production in 2012 was 3.94Moz at a total cash cost of $862/oz, which included about 235,000oz lost to the strike.

AngloGold Ashanti continues to seek to improve the quality and diversity of its portfolio.

The main greenfield projects at Tropicana in Australia, and the Kibali joint venture in the Democratic Republic of Congo, remain on track to produce gold within a year.

The expansion of Cripple Creek & Victor, in the US, also remains on track. GB

Graphic Business