1-31-18 1:43 AM EST | Email Article

By Adam Clark

 

AngloGold Ashanti Ltd. (ANG.JO) said on Wednesday that it expects to report a loss for 2017 despite a rise in full-year production, having taken impairment, restructuring and provision charges during the year.

The South African gold producer said it expects to report a basic loss of between $180 million and $200 million for 2017, compared with a $63 million profit the year before.

Headline earnings, which exclude certain non-cash costs, are expected to be between $16 million and $38 million for 2017, or between 4 cents and 9 cents per share. This compares with headline earnings of $111 million and headline earnings per share of 27 cents in 2016.

AngloGold Ashanti said the decrease in earnings was primarily due to previously disclosed factors, including $221 million in non-cash impairment and derecognition of South African assets, $71 million in restructuring charges, and a $46 million non-cash provision for the settlement of class-action claims.

Full-year gold production rose to 3.8 million ounces for the period from 3.6 million ounces in 2016. AngloGold Ashanti said its second-half production rose 15% from the first half, to 2 million ounces. All-in sustaining costs and capital expenditure for the year remained within market guidance, said the company.

 

Write to Adam Clark at adam.clark@dowjones.com

 

(END) Dow Jones Newswires

January 31, 2018 01:43 ET (06:43 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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