AngloGold lowers full-year output guidance
JOHANNESBURG (miningweekly.com) – JSE-listed AngloGold Ashanti on Monday said that, despite a strong second-quarter performance, the group had lowered its production guidance for 2013.
The group now expected to produce between 4-million and 4.1-million ounces of gold during the year, a decline from the forecast 4.1-million to 4.4-million ounces tabled earlier this year.
“In line with its commitment to move decisively to remove marginal ounces from its production profile and to optimise free cashflow generation, AngloGold Ashanti is revising its current mine plans,” the company stated.
During the second quarter of 2013, AngloGold produced 935 000 oz of gold at a total cash cost of between $900/oz and $920/oz.
“It’s been a strong performance in a challenging environment from our operators and from the teams developing our two new, high-quality projects,” CEO Srinivasan Venkatakrishnan said.
However, the group would continue to curb costs owing to lower and more volatile gold prices and capital expenditure would be focused on AngloGold’s highest quality assets, while curtailing spending or suspending operations at projects that may yield lower returns.
The group also aimed to bring two new mines – the Tropicana joint venture (JV) in Australia and the Kibali JV in the Democratic Republic of Congo – into production by year-end to boost future output.
“Together, these two projects are proceeding to plan and are expected to add, in 2014, attributable production of approximately 550 000 oz to 600 000 oz at a combined average total cash cost of less than our current average,” he commented.
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