AngloGold reports profit slump

Written By Unknown on Rabu, 20 Februari 2013 | 19.50

ANGLOGOLD Ashanti, the third-biggest gold producer in the world, has reported a 47 per cent plunge in net profit in 2012 to $US849 million ($A824.11 million).

Net profit on a comparable asset basis fell by 29.0 per cent to $US924 million, the group said on Wednesday.

However, the group said the outcome for 2012 was the second-best of its eight-year history despite widespread strikes in South African mines which hit its activities in the second half of the year.

If the industrial unrest had not occurred, net profit on a comparable basis with the outcome in 2011 would have shown a fall of 13.0 per cent to $US1.13 billion.

Production for the year fell by 9.0 per cent to 3.44 million ounces and sales fell by 4.0 per cent to $US6.63 billion.

All of the company's mines were hit by industrial unrest for a month in September-October, and some were also affected in November.

The board said it had begun an audit with a view to rationalisation to reduce costs and this could throw some projects into question.

Joint managing director Tony O'Neill said the company had made big progress in ensuring its recovery was strong after a difficult time at the end of last year.

AngloGold Ashanti said this year it expected to produce 4.1-4.4 million ounces of gold.


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