AngloGold, the world's second gold producer warned yesterday that its adjusted headline earnings for the first quarter 2004
AngloGold, the world?s second gold producer warned yesterday that its adjusted headline earnings for the first quarter 2004 would be ?materially? (10% - 30%) lower than for the December quarter.
This comes at a time when industry observers are generally expecting most South African gold producers to report yet another dismal quarter.
AngloGold said it also expects that earnings will be below the consensus analysts? forecast for the period, and it is anticipated that gold production for the quarter will be 11% below that of the previous quarter.
The drop in production is broadly in line with AngloGold?s expectations and has been mainly attributed to the normal and expected slow production start to the first quarter, following the unusually high grades reported in the last quarter of 2003.
Further, production was lower in Mali, as a result of lower ore throughput and grade ? throughput is expected to increase with the commissioning of the plant extension and production was also lower at the Cerro Vanguardia mine, in Argentina, due to a planned reduction in ore throughput have also been cited as reasons for the decrease in production.
Management said it expects that AngloGold (excluding Ashanti) will meet its production forecast for 2004 of 5,3-million ounces.