AngloGold Ashanti Ltd (ASX:AGG) says its adjusted earnings more than doubled to $129 million for the June quarter, after posting lower costs and a strong increase in production from its mines in South Africa and the Americas.
The gold miner has reported production of 1.13 million ounces at $617 per ounce for the three months to 30 June, higher than production for the previous quarter and the forecasted guidance.
CEO Mark Cutifani says with such performance and a strong gold price the medium to long-term cash generation is significant.
Over the next five years, AngloGold Ashanti says it is targeting an increase of one million ounces, having achieved production results within its 4.5 million to 4.7 million ounces 2010 production guidance.
AngloGold Ashanti reported a loss of $357 million for the year to 30 December 2009.
AGG Price at posting:
$9.78 Sentiment: None Disclosure: Held
