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AngloGold Ashanti FY HEPS down 63%

FY gold production at 3.9m Oz, shares down.
  • Revenue down 19.8%
  • Quarterly dividend of 50 South African cents per share
  • Full-year adjusted headline earnings 239 US cents per share (still the second highest on record), compared with 336 US cents in 2011.
  • Q4 adjusted headline EPS or 2 US cents a share, compared to 61 US cents in Q3
  • Q4 gold production 859,000 ounces, from 1.03 million ounces in previous quarter
  • 2012 production 3.94Moz at a cost of $862/oz (4.33Moz in 2011 costing $728/oz).

AngloGold Ashanti‘s shares fell 2.4% in Johannesburg on Wednesday after the announcement.

It plans to deliver higher margin production from its South African mines. “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,” it states.

Projects, 2013 production

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.

Production in 2013 is anticipated to grow to between 4.1Moz and 4.4Moz at an improved total cash cost of $815/oz to $845/oz.

“More focused investment in the business has helped AngloGold Ashanti forecast stable capital expenditure of about $2.1bn for 2013, while corporate costs are expected to decline by about 18% to $240m. Expensed spending on exploration and feasibility studies is forecast at about $377m, 18% lower than in 2012,” it states.

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