By Ian Walker
AngloGold Ashanti Ltd. (ANG.JO) Monday reported a 52% on year rise in gross profit for the third quarter and reiterated its production guidance for the year.
The South Africa-based gold miner posted gross profit of $281 million for the quarter ended Sept. 30.
AngloGold Ashanti produced 825,000 ounces of gold in the quarter compared with 851,000 ounces for the quarter ended Sept. 30, 2018. It attributed the fall to the planned reduction in output from Cerro Vanguardia and Kibali.
The company said production for the year will be in the lower half of a 3.3 million to 3.5 million ounce range.
Costs are expected to be at upper end of range, it said. All-in sustaining costs are forecast to be $935-$995 an ounce, while total cash costs are expected to be $730-$780.
AngloGold said the sale processes for its businesses in South Africa are active and continue to make progress and that due diligence has started with prospective bidders for its Sadiola and Cerro Vanguardia businesses.
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