AngloGold Ashanti Sees Swing to 2016 Underlying Profit

By Razak Musah Baba

LONDON--AngloGold Ashanti Ltd. (ANG.JO) said Thursday it expects to post a swing to underlying profit in 2016 as a result of higher gold price, positive currency translation and cost-control during the period.

The South African miner expects headline earnings for the year ended Dec. 31 to be between $104 million and $118 million, with headline earnings per share between 25 cents and 28 cents. This compares with 2015's headline loss and headline loss per share of $73 million and 18 cents, respectively.

The company also said 2016 gold production, total cash costs, all-in-sustaining costs and capital expenditure are all expected to be in line with its guidance.

AngloGold said the expected overall increases in earnings reflect a higher gold price and weaker operating currencies in Argentina, Brazil and South Africa compared with a year earlier.

AngloGold also attributed the improved performance to its continued focus on cost control across its portfolio of 17 operations in nine countries.

-Write to Razak Musah Baba at [e-mail]; Twitter: @Raztweet

(END) Dow Jones Newswires

February 02, 2017 09:45 ET (14:45 GMT)

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