AngloGold Earnings Jump as South Africa Exits Start to Pay Off
(Bloomberg) -- AngloGold Ashanti Ltd. said full-year profit, excluding some one-time items, climbed more than sevenfold from 2017, after it shut and sold mines in South Africa and lowered amortization in Brazil.
- Headline earnings for the period are expected to be between $207 million and $224 million, up from $27 million the previous year, the Johannesburg-based miner said in a statement on Monday.
- The closure of its TauTona mine and sale of Moab Khotsong and Kopanang in South Africa is already bearing fruit as AngloGold focuses on its lowest-costs mines.
- The performance of the No. 3 gold producer was also buoyed after income from its Kibali operation in the Democratic Republic of Congo rose by $95 million.
- The turnaround at AngloGold lays down a marker as the Johannesburg-based miner weighs listing in either London or Toronto. That may come as the company hives off its remaining South African operations, people familiar with the situation said in December.
- AngloGold shares fell 1 percent as of 9:56 a.m. in Johannesburg, paring their gain over the past 12 months to 45 percent.
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- AngloGold statement
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