Gold producer AngloGold Ashanti Ltd
(ASX:AGG) says earnings in the second quarter rose 11 per cent after improved performance from its operations in Tanzania and Ghana helped to boost production.
The company says earnings rose to $167 million or US47 cents a share in the three months to June 30, up from $150 million in the previous quarter.
The company produced 1.127 million ounces of gold at a cost of $472 an ounce, compared to 1.103 million ounces at $445 an ounce in the prior quarter.
AngloGold has appointed new management to oversee its operations in Ghana and Tanzania, part of the company’s strategy to ensure appropriate skills at each level in the organisation.
The gold producer has also reduced its hedge book by 1.4 million ounces to less than one years output, in order to realise its strategy of maximising exposure to spot gold prices.
