AngloGold Ashanti Posts FY Profit

(RTTNews) - AngloGold Ashanti (AGD.L, AU) reported that its profit allocated to equity shareholders for the fiscal year 2018 was $133 million or $0.32 per share compared to a loss of $191 million or $0.46 per share in the prior year.

Total capital expenditure (including equity accounted investments) decreased by 24% to $721 million in 2018, compared to $953 million in 2017 and below the bottom end of the market guidance of between $800 million to $920 million. This included project capital expenditure of $148 million invested in growth projects at Obuasi, Siguiri and Kibali in Continental Africa and Mponeng in South Africa.

Headline earnings for the year ended 31 December 2018 were $220 million, or 53 US cents per share, compared with $27 million, or 6 US cents per share, in 2017.

Compared to 2017, production was 9% lower mainly due to the sale and closure of assets in South Africa. Production from retained operations for 2018, excluding Moab Khotsong, Kopanang and TauTona, was 3.349Moz at a total cash cost of $765/oz, compared with 3.279Moz at a total cash cost of $738/oz in 2017.

Revenue from product sales for the year dropped to $3.94 billion from $4.51 billion last year.