Gold price rally has AngloGold looking forward to bumper earnings
JOHANNESBURG – Anglogold Ashanti yesterday announced that it would likely report bumper earnings for the year to December 2019, boosted by the gold price rally coupled with weaker local currencies.
In a trading statement, the group said that the strong gold price had helped it shrug off the lower output, higher costs mainly due to inflation and lower grades and the payment of higher royalties and taxes.
It said income from the Kibali mine in the Democratic Republic of Congo and other equity investments had jumped by $46million (R684.39m) or 11cents a share.
The group, which yesterday confirmed the sale of its Mponeng Mine to Harmony Gold Mining, said it expected headline earnings of up to $401m, with headline earnings per share jumping by up to 96c.
Headline earnings and headline earnings a share a year earlier were $220m and 53c, respectively.
Source: iol.co.za