AngloGold's output rose, costs dropped and it reduced net debt in the first six months of the year, the Johannesburg-based company said in a statement Monday. That's a sharp reversal from a year ago, when it posted a first-half loss, dragged down by faltering output and surging costs at its underperforming South African mines.
Since then, the producer has sold and closed operations in its home country, which now accounts for about 13 percent of total output. Full-year production will be at the top end of the forecast range and costs are likely to be at the bottom of previous estimates, AngloGold said. The company has also started preparations to redevelop its idled Obuasi mine in Ghana after receiving government approvals.
Heavy lifting
"Most of the heavy-lifting has already been done," Venkatakrishnan told reporters on a conference call, commenting on efforts to improve operations and resolve a raft of disputes with host governments. "I would have ideally have liked to have a number of things resolved, but it's like writing an exam, you wish you had more time."
The CEO will leave at the end of this month and be replaced by Barrick Gold Corp.'s Kelvin Dushnisky.