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AngloGold Ashanti output hit by safety stoppages

By BFN News | 01:17 PM | Tuesday 10 April, 2012


AngloGold Ashanti produced around 980,000 ounces of gold in the first quarter gold production with safety stoppages at its South African mines hitting output. The figure was below the 1.03 million ounces the company estimated when it released its 2011 earnings on 15 February. In total, safety stoppages and the subsequent ramp-up associated with safely restarting ultra-deep mining areas, resulted in 76,000oz of lost production in the three months to the end of March. AngloGold Ashanti said lower first-quarter gold production was likely to have a consequential impact on unit total cash costs, partially mitigated by weaker rand exchange rates. The balance of the group's operating regions, namely Australia, continental Africa and the Americas, met their production targets for the quarter. Story provided by StockMarketWire.com