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AngloGold -3% as Q1 profit shrinks; South African output falls, costs rise

Stock MarketsMay 08, 2017 10:47AM ET
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© Reuters. AngloGold -3% as Q1 profit shrinks; South African output falls, costs rise
  • AngloGold Ashanti (AU -3.1%) is lower after reporting a 17% Y/Y decline in Q1 profit as its South African production fell and costs rose.
  • AU's Q1 EBITDA came in at $314M, down from $378M in the same period a year ago, saying "an added focus on a safe start-up contributed to an unusually slow ramp-up after the year-end break."
  • AU says Q1 all-in sustaining costs soared 44% Y/Y to $1,327/oz., mostly because of the strengthening of the South African rand; on a constant-currency basis, costs rose ~7%.
  • Even with no fatalities in the quarter, AU says overall Q1 production fell 3.6% Y/Y to 830K oz. at AISC of $1,216/oz., but the miner stuck to its FY 2017 output forecast of 3.6M-3.75M oz. and all-in sustaining costs of $1,050-$1,100/oz.
  • Now read: Randgold (LON:RRS) - Strong Start To 2017 Despite Figures Well Down On Q4 2016


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AngloGold -3% as Q1 profit shrinks; South African output falls, costs rise
 

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