Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

AngloGold swings to profit

anglogoldAngloGold Ashanti the world’s fourth-biggest gold producer, swung to a profit in the first quarter as production beat the company’s guidance and costs fell.

Production was 969 000 ounces, beating the company’s guidance of between 900 000 ounces and 940 000 ounces, while all-in sustaining costs dropped 9% to $926 an ounce.

“We’ve continued to focus on delivering real operational efficiencies and tight cost management, while ensuring we benefit from weaker producer currencies and lower oil prices,” Chief Executive Officer Srinivasan Venkatakrishnan said.

AngloGold, squeezed by gold’s 29% drop since the start of 2013, has been cutting costs while increasing production from two new mines, Tropicana in Australia and Kibali in the Democratic Republic of Congo.

The company has put mines in Mali and the US up for sale as it seeks to reduce its $3bn of net debt by about a third over the medium term.

Venkatakrishnan, who cut costs by 13% last year, said he’ll only sell assets for “full value”.

AngloGold said on Sunday it has received binding offers for both 50% joint ventures and 100% purchase of its Cripple Creek & Victor mine in the US.

The company also maintained its full-year guidance for production, costs and capital expenditure.

Source: http://business.citifmonline.com/2015/05/11/anglogold-swings-to-profit/#sthash.3nzy4wkE.dpuf

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar