AngloGold profit slumps from year earlier

|About: AngloGold Ashanti Limited (AU)|By:, SA News Editor

AngloGold's (AU) profit attributable to shareholders collapsed to $1M from $168M a year earlier, although the figure marked an improvement from Q2, when a writedown of $2.4B - a result of falling gold prices - caused the miner to make a loss.

Adjusted profit more than doubled to $576M.

Production +1.3% to 1.043M troy ounces; gold price received -19% to $1,327/oz.

AngloGold is exiting a number of exploration projects in 13 "non-core" countries as part of a restructuring. The company is "trying to close a sale" of its small Navachab operation in Namibia and it's cutting 430 positions at its troubled Obuasi mine in Ghana. (PR)