AngloGold Ashanti Results for the First Quarter Ended 31 March 2006
Friday, May 05, 2006, AngloGold Ashanti reported a significantly improved financial performance for the first quarter of 2006, with headline earnings before unrealised non-hedge derivatives and fair value loss on the convertible bond up 110% to $86m, primarily as a result of strong participation in the gold price rally. Price received for the quarter was $545/oz, 2% under the spot price or $69/oz higher than in the fourth quarter of 2005.
Production was 10% lower at 1.34Moz, due to lower grades and fewer production shifts in South Africa, both of which were anticipated. Significantly lower production from the Geita operation in Tanzania, as a result of a countrywide drought and subsequent heavy rains, also negatively affected production. As a result of this production decrease and strong local operating currencies, total cash costs for the group increased 11% to $308/oz, but were some 4% below the company’s mid-quarter guidance.
CEO Bobby Godsell said, “I’m pleased with our strong financial performance during the quarter and with our continuing cost management in the face of strong operating currencies”.
Click here for the full quarterly report: www.anglogoldashanti.com/Reports/Financial/Quarterly+Reports/Financial+Results.htm
Except for historical information contained herein, there are matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For discussion of important factors including, but not limited to development of the Company’s business the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company’s annual report on the Form 20-F for the year ended 31 December 2005 which is filed with the Securities and Exchange Commission on 17 March 2006.
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