Boyd, Roosen, Quartermain: It takes grit, invention, luck to make the big time
Mining industry legends discuss the backstories on their multibillion-dollar successes.
AngloGold Ashanti expects its half-year profit to fall by as much as 58%, mainly due to higher costs and mandatory environmental provisions in Brazil, the company said on Tuesday.
Johannesburg-headquartered AngloGold expects its headline earnings per share (HEPS) – the main profit measure for South African firms – to be between $0.30 and $0.37 in the six months to June 30, compared to $0.71 a year ago.
AngloGold said earnings were impacted by higher environmental provisions of $38 million net of tax following implementation of new legislation in Brazil relating to the management of mineral waste storage facilities.
Inflation had also driven up operating costs by $111 million, the miner said. Mineral exploration and evaluation costs had also increased.
Gold production was marginally higher at 1.236 million ounces during the half-year, compared to 1.233 million ounces during the same period last year.
In May, AngloGold, whose forerunner was founded by industrialist Ernest Oppenheimmer a century ago, announced plans to shift its primary listing from Johannesburg to New York.
The company, which completed the sale of its South African mines in 2020, will also shift its corporate headquarters to London.
AngloGold will publish its half-year results on Aug. 4.
(By Nelson Banya; Editing by David Evans)
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