Ghana’s Ashanti Goldfields on Thursday welcomed the support given earlier this week by the Ghana government for world number two gold miner AngloGold’s bid for Ashanti.
Having won both the Ghana government and Lonmin’s approval for its bid, AngloGold has now won at least 44,5% of Ashanti’s shareholder support.
Earlier on Thursday, Ashanti reported earnings before exceptional gains of $20,2-million, down $2,3-million on the corresponding period last year but up $12,4-million on the previous quarter.
A 14% increase in gold output, a higher average realised gold price and a reduction in unit cash operations costs, relative to the second quarter, helped to improve earnings.
The quarter’s gold production of 423 231 ounces was in line with Ashanti’s 2003 annual target of about 1,6-million ounces and was 4% better than the 407 328 ounces achieved in the same period last year.
Ashanti’s cash operating costs for the quarter were $212/oz, $13/oz above the $199/oz achieved last year but a $10/oz decrease on the June quarter, largely due to higher gold output. – I-Net Bridge