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AngloGold Ashanti flags up to US$98M H1 loss

South Africa's AngloGold Ashanti Ltd. said Aug. 1 that it expects to book a headline loss for the first half of between US$80 million and US$98 million, or between 19 and 23 cents per share.

By comparison, for the first half of 2016, the Johannesburg Stock Exchange-listed miner reported headline earnings of US$93 million, or 23 cents per share.

AngloGold attributed the loss to an US$86 million posttax write-down of some of its South African assets, US$47 million worth of non-cash provisions related to potential retrenchment costs and an estimated US$46 million settlement for silicosis class action claims.

The company's bottom line was also impacted by higher operating costs and lower income from associates and joint ventures.

AngloGold expects first-half gold production to be in line with the same period of 2016 at about 1.7 million ounces. Second-quarter gold output, meanwhile, is expected to rise 10.6% year over year to 918,000 ounces.