Posted By Jessica Weisman-Pitts
Posted on November 7, 2024
(Reuters) – AngloGold Ashanti rebounded to a third-quarter profit on higher gold prices, after suffering a loss in the corresponding period due to restructuring costs and other one-off factors, the miner said on Thursday.
The gold miner reported headline earnings of $236 million in the quarter to Sept. 30, compared to a headline loss of $194 million during the same period last year.
AngloGold’s income during the September quarter of 2023 was impacted by costs associated with switching its primary listing from Johannesburg to New York, and moving its headquarters from South Africa to London.
There were also impairments and losses on derecognition of assets and insurance claims in the prior period which did not recur in the current period, the company said.
The increase in earnings came despite a 3% decline in production and was partly offset by higher operating costs, losses on non-hedge derivatives, higher care and maintenance costs, lower equity earnings from associates and non-managed joint ventures and higher taxation.
AngloGold said it expects to complete the acquisition of Egypt-focused smaller rival Centamin this month after the target company’s shareholders approved the $2.5 billion deal on Oct. 28.
AngloGold’s proposed deal with rival Gold Fields to combine their neighbouring Tarkwa and Iduapriem mines in Ghana and create Africa’s biggest gold mine, is still awaiting regulatory approvals by the west African country’s government.
(Reporting by Nelson Banya; editing by David Evans)
