JOHANNESBURG, May 6 (Reuters) - AngloGold Ashanti Ltd , the world's third biggest gold producer, posted 37 U.S. cents in first-quarter adjusted headline earnings per share versus 6 U.S. cents in the fourth quarter, it said on Tuesday.
Production for the quarter was at 1.2 million ounces, 9 percent higher than guidance provided in February 2008, while total cash costs came in at $430/oz, significantly below guidance, but 6 percent higher than the previous quarter following reduced production.
AngloGold also cut its hedge book -- one of the biggest among its peers -- during the quarter. Its net delta hedge reduced by 1.13 million ounces to 9.26 million ounces.
the question you should always be asking with a gold miner is why did it rise to start with... I guess its falling because those who are in it know that there is no way it could possibly make money 2 quaters in a row so are trying to take their profits while they can.
Maybe the market does like these results and what they are doing to resolve their hedge book problem. Now above yesterdays closing. New management has made in roads into safety and the power issue. Its current valuation is the lowest amongst the gold miners and in my opinion will reach R300 in the next couple of weeks.