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AngloGold expects significant swing to profit in FY'16

AngloGold Ashanti Ltd. said Feb. 2 that its headline earnings for the year ended Dec. 31, 2016, are expected to come in at between US$104 million and US$118 million, representing an increase of 242% to 262% on a yearly basis.

Meanwhile, headline earnings per share are expected to increase 239% to 256% year over year to between 25 and 28 cents.

In the same year-ago period, the company realized a headline loss of US$73 million, or 18 cents per share.

Basic earnings for the period are also expected to be between 164% and 184% higher at US$54 million to US$71 million, while earnings per share are expected to range from 13 to 17 cents, reflecting an increase of 165% to 185% over last year.

The year-ago basic loss amounted to US$85 million, or 20 cents per share.

A higher average gold price of US$1,249 per ounce, weaker operating currencies in certain countries, continued focus on cost control and interest savings of US$67 million are among the factors behind the expected improvement in earnings.

The gains are partially offset by reduced income from associates and joint ventures during the period of US$77 million.

AngloGold, meanwhile, reiterated its full-year gold production guidance of between 3.60 million and 3.65 million ounces at all-in sustaining costs of US$980 to US$1,010 per ounce.

CapEx is expected to total between US$790 million and US$820 million.

The company will release its full-year results Feb. 21.