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AngloGold Ashanti posts full-year loss but returns to production growth

  • AngloGold Ashanti (AU +0.4%) says it posted its first annual growth in gold production in nine years as new mines started production, giving it room to review other assets in its portfolio.
  • Production in 2013 was 4.1M oz. vs. 3.94M oz. in 2012, the first time yearly production increased since 2005; all-in sustaining costs for the year were $1,174/oz. vs. $1,251/oz. the previous year and costs dropped to $1,015/oz. by Q4.
  • Reports total attributable production of 106K oz. of gold at an average cash cost of $532m/oz. from its new Tropicana and Kibali projects in Australia and the Democratic Republic of Congo, respectively.
  • Forecasts production of 4.2M-4.5M oz. of gold during 2014 at a total cash cost of $750-$790/oz.; says 2014 capex would come down by nearly a third to ~$1.45B.
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