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.