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Commodity Trading Discussion Forum

AngloGold posts 3rd-qtr loss on hedge revamping

Posted By: Haligonian
Date: Monday, 2 November 2009, at 11:03 a.m.

AngloGold posts 3rd-qtr loss on hedge revamping (AU) (by Robert Daniel)

TEL AVIV (MarketWatch) -- AngloGold Ashanti, (AU) the Johannesburg gold miner, reported a third-quarter adjusted loss of $596 million, or $1.65 a share, reflecting a restructuring of its hedges. Excluding the cost of buying back those hedges, adjusted earnings were $163 million, the company said in a statement on Monday. Third-quarter production rose 5% to 1.19 million ounces. Cash costs were within the company's estimated range at $534 an ounce. The company now has hedge commitments of 4.3 million ounces, less than a year's production, AngloGold Ashanti said. The company expects those commitments to drop 800,000 ounces a year from 2010 through 2015, when it will be free of hedges, it said. The restructuring of its hedges stems from the rise in gold prices to record levels, Chief Executive Mark Cutifani said. AngloGold now estimates production at 1.16 million ounces in the fourth quarter and 4.55 million ounces in all of 2009. Cash costs for the year should average $515 to $530 an ounce. The forecast reflects a decision to suspend operations at TauTona for an about two-month safety inspection.

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