AngloGold Reports Q3 Production Increase

5 November 2009 (Last Updated November 5th, 2009 18:30)

AngloGold Ashanti reported a 5% increase in production to 1.187 million ounces for the third quarter ending 30 September 2009. Improvements at its Tanzania-based Geita mine and a reduced number of safety-related disruptions at its South Africa-based Vaal River operations contributed to

AngloGold Ashanti reported a 5% increase in production to 1.187 million ounces for the third quarter ending 30 September 2009.

Improvements at its Tanzania-based Geita mine and a reduced number of safety-related disruptions at its South Africa-based Vaal River operations contributed to its positive results.

Geita recorded a 32% hike in output to 83,000oz for the third quarter 2009, while the Vaal River mines reported a 20% rise in production.

AngloGold made a $797m investment for hedge book restructuring at prices that were less than the current market prices.

The company now has 4.3 million ounces of hedge commitments, which is less than 12 months of production.

The company's adjusted headline earnings, barring the hedge buyback costs, were $163m for Q3 2009 compared to $167m for the previous quarter.

The company posted a $596m adjusted headline loss for Q3 2009 when the hedge buyback costs were taken into account.