BY GEOFFREY NANGAI
GEITA Goldmine in Tanzania produced 149,000oz of gold that helped to improve the company’s performance in the third quarter the company said.
The in a statement said its third quarter results were bolstered by strong performances at Geita in Tanzania, Iduapriem in Ghana and from the Americas, where Cerro Vanguardia in Argentina was once again a standout as the group’s most efficient producer.
“Nevertheless, drought continues to impact production from Cripple Creek, while Sunrise Dam’s recovery from flooding in the first half of the year was again slower than anticipated, as was the ramp-up of production following the five-day wage-related strike at the South African operation. I
“In addition, winter power tariffs, higher wages, increased royalties and lower by-product credits also contributed to cost pressure in South Africa,” it said.
AngloGold Ashanti posted record quarterly adjusted headline earnings* of $457m and boosted its dividend to improve cash returns to shareholders. Payouts to shareholders will now be made quarterly, instead of twice yearly.
“Our power to generate earnings and strong cash flow is clear in these numbers,” Chief Executive Officer Mark Cutifani said in a statement. “The upward jump in the dividend demonstrates the fundamental strength of the business and the market, while maintaining the ability to fund our growth pipeline.”
AngloGold Ashanti eliminated the gold industry’s last remaining major hedge book a little more than a year ago, improving cash inflows and profits by increasing exposure to the rising gold price.
Cash flow generated from the company’s operating activities during the first quarter more than doubled to $863m, another record.
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