JOHANNESBURG (Reuters) – Africa’s top bullion producer AngloGold Ashanti reported a sharp fall in third-quarter earnings on Monday in the face of a lower gold price, inflationary pressures and higher tax charges.
AngloGold said adjusted headline earnings were $2 million in the three months to September compared with $576 million in the same period last year, when the company realised a once-off gain on a convertible bond.
But it swung back into profit from the June quarter despite a slightly lower dollar gold price as it lifted production by three percent.
The company said it aims for full-year production of between 4.35 million and 4.45 million ounces.
Bullion producers worldwide are facing tough times with the spot price currently near four-year lows below $1,200 an ounce, a level that is seen as a “tipping point” that could trigger reductions in output or the closure of marginal operations.
