INCREASED gold output and lower production costs from Minorco operations helped AngloGold return highly satisfactory results for the first quarter of the year with headline earnings up 87% at 974 cents per share compared to 521 cents/share in the December quarter. It is the first time the Johannesburg-based group — the largest gold producer in the world — has included its newly acquired mines in the Americas. Gold output from AngloGold operations, including Minorco, increased by 8% to 53,7 tons (1,7-million ounces) in the quarter, it was announced Friday. The cash generated from operations was R793-million and attributable profit was up 29% to R611-million. The return on shareholders’ equity was 34% and the return before tax on capital employed 22%.