AngloGold Ashanti Q1 Adj. Headline Earnings Total $35 Mln

(RTTNews) - AngloGold Ashanti (AGD.L, AU) Monday said its first-quarter adjusted headline earnings were $35 million or 9 cents per share, while it totaled $119 million or 29 cents per share in the first quarter of 2014.

The results were impacted by lower ounces sold from Ghana, Namibia and South Africa, the decrease in gold price and a higher tax charge.

Adjusted earnings before interest, tax, depreciation and amortization or EBITDA were $409 million, compared to $476 million in the first quarter of 2014, due mainly to a 6 percent reduction in gold price received and a 9 percent reduction in ounces sold.

The company reported a 7 percent year-on-year improvement in all-in sustaining costs or AISC due mainly to a strong result from its international mines. The company maintained its full-year guidance for production, costs and capital expenditure.

Production fell to 969,000oz at total cash cost of $744/oz from 1.055Moz at $770/oz in the first quarter of last year, hurt by a slow start in South Africa after the Christmas break, the sale of the Navachab mine last year as well as the transition of Obuasi to limited operations phase in December.

Production guidance for the second quarter is estimated to be between 960,000oz and 1,000,000oz at total cash costs of $770/oz to $820/oz.

The annual guidance remains unchanged for production at 4.0moz to 4.3moz total cash costs at US$770/oz to $820/oz and All-in sustaining costs of $1,000/oz-$1,050/oz. Capital expenditure guidance for the year also remains unchanged at $1.0 to 1.1bn.