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Friday, 5th May 2006 (5028 views)

AngloGold Ashanti has beaten analysts' expectations and announced that it more than doubled its profits in the first quarter of 2006.

Earnings per share also rose to 32 US cents for the first three months of the year, excluding non-realised financial effects from derivatives.

Industry experts have put the positive performance down to high gold prices and the fact that costs did not increase by as much as previously expected.

AngoGold, the world's third largest producer of the precious metal, has also seen a ten per cent rise in shares so far in 2006.

Meanwhile, it also revealed that its production had fallen by ten per cent to 1.34 million ounces but that it expects to make up for this in the second quarter by producing 1.483 million ounces.

AngloGold Ashanti has its headquarters in Johannesburg and its 22 operations span ten countries.

 

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