AngloGold lowers FY production guidance
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
AngloGold Ashanti Ltd has lowered its guidance on full-year production and second-quarter earnings despite unveiling second-quarter production in line with expectations.
In a statement to the Australian Securities Exchange, AngloGold said it produced 935,000 ounces of gold in the second quarter at a total cash cost of between $US900 and $US920 ($994 to $1016) per ounce.
The results were in line with market guidance of 900,000 to 950,000 ounces at a cost between $US900 and $US950 per ounce.
However, AngloGold lowered its full-year guidance for 2013 to between 4 million and 4.1 million ounces, from between 4.1 million and 4.4 million ounces.
The world's third-largest gold miner also warned a drop in the gold price would hit its second-quarter earnings, due out next month.
The company flagged a $US2.2 billion to $US2.6 billion post-tax writedown on its mining assets.
"It’s been a strong performance in a challenging environment," chief executive Srinivasan Venkatakrishnan said.
"In light of the $US220 per ounce drop in the average quarterly gold price which will negatively impact our second quarter results, we’ve moved decisively on all fronts to sharpen our focus on efficiency and to tighten up on costs, overheads and capital" (see Clifford Bennett's The aggressive play is gold).
The South African company has two new mines in development in Australia and the Democratic Republic of Congo, expected to add 550,000 to 600,000 ounces at a lower cash cost than the current average in 2014.
Call 1300 880 160
Start a chat
Schedule a call
