Africa’s largest gold producer, AngloGold Ashanti, on Thursday posted an adjusted headline earnings per share loss of 34 United States cents for the September quarter after selling a part of its gold hedge early.
The group said it incurred the adjusted headline loss of $119-million after reducing its hedge book commitments by 580 000 ounces during the September quarter.
AngloGold, the world’s number three producer, and which has one of the biggest forward sales among its peers, said it was on track to reduce book to about 6-million ounces by year-end.
AngloGold had reported a re-stated headline adjusted loss per share of 307 US cents in the June quarter.
An average of estimate by six analysts surveyed by Reuters showed AngloGold was expected to return to profit, and post an adjusted headline earnings per share of 26 US cents.
The company’s profits also took a knock in the June quarter from a once-off loss for selling a big part of its gold hedge.
Production in the quarter rose 1% to 1,265-million ounces.
Total cash costs for the quarter rose to $486 per ounce from the June quarter’s $434 an ounce due to input cost inflation, annual wage increases, higher power tariffs and inventory adjustments. AngloGold had projected a rise to $490 per ounce. — Reuters