The world's third-largest gold miner AngloGold Ashanti Ltd (ASX:AGG) has more than doubled its profit and beat it guidance for the September quarter, after production from its mines in South Africa and Australia increased and gold prices climbed to record highs.
In the quarter production lifted above AngloGold Ashanti's forecast of 1.15 million ounces to 1.162 million ounces.
Cash costs increased to $US643 per ounce, while slightly down from AngloGold's forecast still up from $US617 per ounce the quarter before.
CEO Mark Cutifani says AngloGold Ashanti's operations are performing well and there is a strong tailwind from the gold price. On Tuesday the price of gold reached a record high of $US1,424 an ounce.
AngloGold Ashanti also announced it has approved the development of the Tropicana gold project in Australia, in which it has a 70 per cent interest, with the first gold expected at the end of 2013.
AngloGold Ashanti moved from a loss $1.7 billion in 2008 to a loss of $298.8 million in the 2009 calendar year.
AGG Price at posting:
$10.05 Sentiment: None Disclosure: Held
