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AngloGold Ashanti expects swing to profit in H1'16 on higher gold prices, lower operating costs

AngloGoldAshanti Ltd. expects a year-over-year increase of 167% to 177% inheadline earnings for the first half of the year to between US$87 million andUS$99 million.

Headline earnings per share are expected between 22 U.S.cents and 24 cents, the company said July 22.

In the same year-ago period, the company realized a headlineloss of US$128 million, or 31 cents per share.

Basic earnings for the six months are also expected toincrease 131% to 141% year over year to between US$45 million and US$59million, with earnings per share of between 12 cents and 14 cents.

The year-ago basic loss amounted to US$143 million, or 35cents per share.

AngloGold expects gold production in the six months of 1.7million ounces with all-in sustaining costs of US$911 per ounce, compared toyear-ago output of 1.9 million ounces of gold at US$924 per ounce.

The increases in headline earnings and basic earnings aremainly expected due to the higher gold price over the half: US$1,222 per ounceon average, compared with US$1,204 per ounce over the first half of 2015.  

Further reasons are weaker operating currencies in SouthAfrica, Brazil, Australia and Argentina, improved cost control by the company,savings of US$33 million in interest payments and US$57 million positive effectof the translation of the deferred taxation balance in South America.

The gains will be partly offset in the amount of US$39million because of reduced income from associates and joint ventures during thehalf.

Gold production is expected to be 1.75 million ounces in thefirst half at all-in sustaining costs of US$911 per ounce for the period,compared with US$924 per ounce a year earlier.

The company will release its interim results Aug. 15.