Commodities & Metals
Gold Miner's Shares Rise on Loss (AU)
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South African gold miner AngloGold Ashanti Ltd. (NYSE:AU) shares are up about 1.5% this morning after the company reported a quarterly net loss of $17 million. The loss was primarily attributed to a write-down on stockpiles and inventories.
The good news for AngloGold is that gold prices are rising and its cash costs fell during the quarter. Costs came in 8% lower than guidance, at $422/ounce. For 2009, the company expects to produce between 4.9 million and 5 million ounces of gold at costs between $435 and $450/ounce.
Other gold miners such as Barrick Gold Corp. (NYSE:ABX), Goldcorp Inc. (NYSE:GG), and Kinross Gold Corp. (NYSE:KGC) have yet to report earnings, but the share prices for all three are down this morning following AngloGold’s report.
Paul Ausick
February 9, 2009
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