Africa's biggest gold miner AngloGold Ashanti (ANGJ.J: Quote) reported a return to profit in the first quarter on Wednesday following its hedge-book buy back and said it expects higher output in the current three months. AngloGold said adjusted headline earnings per share for the January-March quarter were 53 U.S. cents compared to a loss of 199 cents in the previous one after it had eliminated its hedge book last year to reap the full benefit of record gold prices.
Angolgold Ashanti Mining News
AngloGold Ashanti's (ANGJ.J) top executive said on Tuesday the company hoped to keep its global cost increases to half the industry average but the situation in South Africa was "a lot tougher." Mark Cutifani, the chief executive of Africa's top gold miner, cited increasing depths, reduced grades and input inflation as structural increases putting upward pressure on the costs of gold mining.