AngloGold Ashanti’s profit surges to record $1.3b in 2011 full-year
The world’s third largest gold producer, AngloGold Ashanti February 15, 2012 says adjusted headline earnings in the 12 months to 31 December 2011 rose 65% to $1.3 billion or 336 US cents a share, compared with $787 million, or 212 US cents in 2010.
According to the Johannesburg-based gold miner, it recorded an annual operating cash flow of $2.66 billion with a net debt more than halved in 2011 to $610 million despite increased capital expenditure.
The company boosted its dividend to further improve cash returns to shareholders. Its Board declared a “fourth-quarter dividend of 200 South African cents a share, more than double the third-quarter payout of 90 South African cents” adding “The full-year dividend of 380 South African cents compares with the 2010 full-year dividend of 145 South African cents.”
“With record earnings of $1.3 billion and stronger cash flow than we’ve ever seen, we’ve laid an exceptionally strong foundation on which to grow the business,” Chief Executive Officer Mark Cutifani said.
For the 2012 outlook, AngloGold forecast a capital expenditure of $1.1 billion on growth projects and “$1.1billion-$1.2 billion on projects to sustain the business, which includes implementation of an enterprise resource planning system across the group.”
Exploration and feasibility studies will cost about $380 million, it added.
By Ekow Quandzie