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-cost 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 per cent as of 9:56 a.m. in Johannesburg, paring their gain over the past 12 months to 45 per cent.
Have your say
More Business Headlines
- Eni, UNIDO partner to help reach SDGs with pioneering public-private cooperation
- Ghana stocks head for 21-month low as banking concerns linger
- PIAC rejects 'poor data quality' excuse for direct negotiation for oil blocks
- Gov’t to introduce financing scheme for Made in Ghana cars
- Bawumia leads gov't's trade, investment delegation to Canada
- Fidelity Bank offers ‘unique customer experience on mobile app’
- Yolanda Cuba joins MTN as Group Chief of Digital & Fintech
- 2019 MOBEX Africa Tech Expo & Innovation Awards launched in Accra
- Induction of Insurance Professionals in Ghana - What to expect?
- Ecobank, Partners provide financial support to 16 medical students
- Johannesburg tops Women Entrepreneur Cities Index
- Ghana still high-risk debt of distress country - IMF/World Bank
- Cowbell to construct 20 boreholes to mark 20th anniversary
- Nestle introduces a new kind of chocolate
- Prove your ability to keep debt at sustainable levels - Terkper challenges gov’t