SOURCE: AngloGold Ashanti

November 01, 2007 02:21 ET

AngloGold Ashanti Results for the Third Quarter Ended 30 September 2007

JOHANNESBURG, SOUTH AFRICA--(Marketwire - November 1, 2007) - AngloGold Ashanti (NYSE: AU) reported improved gold production for the third quarter of 1.43 million ounces, which was 6% higher than the previous quarter. Cash costs were however also 7% up quarter-on-quarter, at $357/oz. The cost increase came on the back of the annual wage increases and higher power tariffs in South Africa and Ghana, inflationary pressure on consumables, increased royalty payments and stronger local operating currencies. Production and costs for the third quarter were in line with guidance published by the company on 1 October 2007.

In respect of earnings, the company reported adjusted headline earnings of $81 million or 29 US cents per share, which was comparable to the prior quarter. On an unadjusted basis, which does not strip out the non-cash accounting effects of accruing for hedge movements relating to the significant gold price increase seen over the quarter, together with the accounting treatment of the convertible bond, the company posted a headline loss of $312 million.

The company also announced the purchase of the 15% minority interest in Iduapriem mine, in Ghana, resulting in the operation now becoming wholly owned.

Commenting on the results, Chief Executive Officer Mark Cutifani noted, "Our most important priority is the pursuit of a safe operating environment for all our employees. There is significant work being done and I am confident that we can create a new standard to which all employees will manage together, and for each other. I am sure that with improved safety will come sustainable productivity improvements."

Cutifani also commented that "in terms of our financial results, we have to focus on delivering on our commitments and we have work to do as a company to ensure that our investors see improved performance going forward."

The full quarterly report can be found on the AngloGold Ashanti website at

International Conference call details

An earnings conference call will take place on 1 November 2007 at 14h30 South Africa time (US EDT: 08h30; UK: 12h30; Sydney: 23h30). Participants can access the call by dialing one of the following numbers and referencing 'AngloGold Ashanti':

From North America:
Toll        1 412 858 4600
Toll-free   1800 860 2442

From the UK:
Toll        020 7107 0611
Toll-free   0800 917 7042

From Australia:
Toll-free   1800 350 100

From South Africa:
Toll        011 535 3600
Toll-free   0800 200 648

Conference call replay details

A replay will be available two hours after the call on 1 November through to 15 November. To access the replay, dial one of the following numbers and reference the playback code 2645:

From North America:
Toll        1 412 317 0088
Toll-free   1 877 344 7529

From the UK:
Toll-free   0808 234 6771

From Australia:
Toll-free   1800 091 250

From South Africa:
Toll        011 305 2030

As usual, a live webcast of the conference call, as well as the company's full quarterly results, will be available on

Contact Information

  • Contacts :

    Charles Carter
    Telephone : +27 (0) 11 637 6385
    Mobile : +27 (0) 82 330 5373
    Email : Email Contact

    Himesh Persotam
    Telephone: +27 (0) 11 637 6647
    Mobile : + 27 (0) 82 339 3890
    Email : Email Contact