AngloGold Ashanti Expects 2017 Loss on Impairment, Restructuring Costs
31 January 2018 - 5:58PM
Dow Jones News
By Adam Clark
AngloGold Ashanti Ltd. (ANG.JO) said on Wednesday that it
expects to report a loss for 2017 despite a rise in full-year
production, having taken impairment, restructuring and provision
charges during the year.
The South African gold producer said it expects to report a
basic loss of between $180 million and $200 million for 2017,
compared with a $63 million profit the year before.
Headline earnings, which exclude certain non-cash costs, are
expected to be between $16 million and $38 million for 2017, or
between 4 cents and 9 cents per share. This compares with headline
earnings of $111 million and headline earnings per share of 27
cents in 2016.
AngloGold Ashanti said the decrease in earnings was primarily
due to previously disclosed factors, including $221 million in
non-cash impairment and derecognition of South African assets, $71
million in restructuring charges, and a $46 million non-cash
provision for the settlement of class-action claims.
Full-year gold production rose to 3.8 million ounces for the
period from 3.6 million ounces in 2016. AngloGold Ashanti said its
second-half production rose 15% from the first half, to 2 million
ounces. All-in sustaining costs and capital expenditure for the
year remained within market guidance, said the company.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
January 31, 2018 01:43 ET (06:43 GMT)
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