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AngloGold reports “improved” 4th quarter performance
Accra, Feb. 13, GNA – AngloGold Ashanti on Tuesday reported
that its fourth quarter for 2006 showed “improved operating
performance” with production being four per cent higher at
nearly 1.5 million ounces and slightly better cash costs of
309 dollars per ounce.
A statement issued in Accra said the adjusted headline
earnings for the quarter were 46 million dollars, after some
100 million dollars in accounting adjustments.
It said the gold price received by the company was 578
dollars per ounce, six per cent below the average spot price
and within the company’s targeted range, as AngloGold
Ashanti continued to deliver into its hedge book.
It said for the year, gold production decreased by nine per
cent to 5.6 million ounces and cash costs were 10 per cent
higher, “a solid performance in the light of rising prices
of commodity inputs”.
The statement said adjusted headline earnings for the year
doubled to 413 million dollars, the company’s highest level
of annual earnings ever recorded.
It said the company’s ore reserves increased by 10 million
ounces to around 67 million ounces during the year.
The company said a dividend of 240 South African cents per
share (33 US cents) was declared for the six months ended 31
December 2006, resulting in a total dividend of 450 South
African cents per share (62 US cents), almost double the
total dividend paid in 2005.
Mr Boddy Godsell, AngloGold Ashanti’s Chief Executive
Officer said: “In sum, 2006 was a year of production
disappointments, competitive cost control and good reserve
generation. In a year in which spot gold price rose by 36
per cent, our adjusted headline earnings have increased by
105 per cent clearly demonstrating the company’s strong
leverage to a rising gold spot price.”
GNA
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