7/22/2016, 10:40 AM (Source: TeleTrader)
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AngloGold hints at huge profit rise on gold prices

AngloGold Ashanti Ltd., world's third biggest gold producer, said it expected to report earnings for the first half of 2016 as much as 177% higher compared to the same period in 2015.

Headline earnings are seen at the range $87 million- $99 million, and headline earnings per share at the range $0.22 - $0.24.

The company estimated its six-month production around 1,745,000 ounces (oz), at "all-in sustaining costs of $911/oz," versus $924/oz for the comparative period in 2015.

The early hint at the results (to be published August 15), says a lot about overall situation in the industry. Main influence is the higher gold price: it averaged $1,222/oz in the first six months of 2016 compared with $1,204/oz in the same period in 2015.

AngloGold shares jumped 6.84% to €18.97 in Frankfurt at 10:40 a.m. CET, and last traded 6.12% higher at $21.14 on NYSE on Thursday's close.

Gold spot price was 0.38% lower at $1,325.47 per fine ounce at 10:37 a.m. CET. The metal gained 24.79% so far this year.

Breaking the News / ZR