From Earlier: AngloGold Ashanti Gold Production Rises 9%

AngloGold Ashanti

reports strong second quarter gold production of 1.073Moz, which represents a 9% improvement on the first quarter, at an estimated total cash cost of $800/oz - $805/oz. The result is better than the company's market guidance for the quarter of 1.04Moz at a total cash cost of $840/oz - $845/oz, due largely to strong operating performances from the group's Continental Africa region and the Americas region. Production from the South African operations also improved over the period, and was 18% higher than the first quarter of 2012. Adjusted headline earnings for the quarter are estimated at between $240m to $255m. When compared with the first quarter of 2012, exploration and other expenditures were higher, though in line with annual guidance provided in February of this year. In addition, this level of adjusted headline earnings reflects a lower average gold price received during the quarter when compared to the previous quarter, lower uranium and silver by-product credits, higher gold inventory levels that were sold only subsequent to the end of the quarter due to the timing of gold shipments and a non-recurring one-time deferred tax credit that was included in the first quarter.