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MeneameDespite having taken a US$1.03bn net loss in the July-September quarter after buying back hedges, compared to a US$58mn profit year-on-year, South African miner AngloGold Ashanti (NYSE: AU) highlighted the strong performance of its South American operations in the recent quarter.
AngloGold's Cerro Vanguardia mine in Argentina and Brazilian operations "are excellent assets that now have the right management and are putting in a process to see their potential fully realized on an ongoing basis," CEO Mark Cutifani said in a conference call on Monday to discuss the quarter's results.
In a statement released earlier, the company reported an increase in attributable output from its 92.5% stake in Cerro Vanguardia to 47,000oz gold during the quarter, up from 43,000oz year-over-year.
Gold sold from Cerro Vanguardia amounted to 67,000oz, up from 43,000oz.
Income from gold sold at Cerro Vanguardia totaled US$59mn, up from US$29mn year-over-year. Sales costs dropped to US$31mn from US$39mn.
Output at the company's fully owned Brasil Mineração operation reached 90,000oz gold, up from 83,000oz year-on-year. Gold sold rose to 94,000oz from 91,000oz.
Income from the operation rose to US$83mn from US$57mn while sales costs increased to US$44mn from US$41mn.
Also in Brazil, AngloGold's 50% in the Serra Grande mine amounted to 20,000oz gold, even year-over-year. Gold sold, however, fell to 22,000oz from 23,000oz. Income rose to US$20mn from US$15mn while costs increased to US$13mn from US$10mn.
During the quarter, AngloGold spent US$797mn to restructure its hedge book. Adjusted headline earnings, excluding the cost of these hedge buybacks, were US$163mn. Total gold output in the quarter amounted to 1.19Moz.
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