August 2, 2018 / 7:29 AM / a year ago

AngloGold to swing to H1 profit on higher output, cost reductions

JOHANNESBURG, Aug 2 (Reuters) - AngloGold Ashanti said it will swing to a first-half profit due to increased production and lower retrenchment costs.

The South African gold miner, which is due to report first-half results on Aug. 20, said in a preliminary estimate on Thursday that it expected headline earnings of between $91 million and $108 million for January-June, with headline earnings per share of between 22 cents and 26 cents.

That compares to a headline loss and headline loss per share for the same period last year of $89 million and 22 cents, respectively.

The turnaround in performance was also due to the absence of once-off, non-cash settlement costs for silicosis class action claims.

Anglo said production from retained operations increased by 4 percent in the first half to 1.578 million ounces from 1.517 million ounces a year earlier.

“This is due to strong production improvements from Sunrise Dam, Kibali, Iduapriem, Mponeng and Tropicana,” it said in a statement. (Reporting by Nqobile Dludla; Editing by Susan Fenton)

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