- Category: Business
- Created: Monday, 11 August 2014 03:24
- Written by Yahoo News
JOHANNESBURG (Reuters) - AngloGold Ashanti, Africa's top gold producer, reported a narrower loss for the second quarter on Monday, as its domestic mines led bullion production higher and it slashed costs.
AngloGold said adjusted headline earnings for the April-June quarter totalled a loss of $4 million, or 1 U.S. cents per share, compared with a loss of $135 million in the same period a year earlier.
Production was 1.098 million ounces, an increase of 17 percent. This was ahead of its forecast and a 4 percent advance from the prior quarter.
Production at AngloGold's South African mines was assisted by a first-time contribution from its new Tropicana and Kibali mines.
Costs were cut mostly in marketing and explorations, resulting in an improvement in cash flow, the company said.