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AngloGold posts 15% drop in Q3 production, but confident of meeting FY target

Africa’s top bullion producer said it expected production to reach the upper end of its guidance of between 3,325,000 ounces and 3,450,000 ounces.

FILE: AngloGold Ashanti's Mponeng Mine in Carletonville. Picture: anglogoldashanti.com

JOHANNESBURG - AngloGold Ashanti Ltd posted a 15% drop in quarterly production on Monday, but said it was on track to reach the top end of its full-year production target.

Africa’s top bullion producer said it expected production to reach the upper end of its guidance of between 3,325,000 ounces and 3,450,000 ounces.

Production declined to 851,000 ounces in the quarter ended 30 September from 997,000 ounces a year earlier, as the company sold some of its assets in South Africa.

It closed a mine in South Africa and sold two others in the country to local rival Harmony and China’s Heaven-Sent SA Sunshine last year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) declined to $355 million from $399 million due to lower gold prices and fewer ounces sold.

Production from retained operations was mostly flat at 851,000 ounces, compared with 853,000 ounces a year ago, as higher output from its Mponeng mine in South Africa and a fully-ramped up Kibali mine in the Democratic Republic of Congo offset falls in production at Siguiri in Guinea and AGA Mineração in Brazil.

The firm, which said in May it planned to cut 2,000 jobs at its domestic operations as part of the restructuring, said job losses will be less than 200 after the sale of some assets, including healthcare facilities and rail networks and the acceptance of voluntary severance packages by some employees.

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