AngloGold Ashanti Ltd. lowered its production outlook for this year after suspending gold processing at a plant in Brazil due to work that’s underway at a tailings facility.
(Bloomberg) — AngloGold Ashanti Ltd. lowered its production outlook for this year after suspending gold processing at a plant in Brazil due to work that’s underway at a tailings facility.
The Johannesburg-based gold miner forecasts it will produce 2.45 million ounces to 2.6 million ounces of gold this year, compared to last year’s output of 2.7 million it said in a statement Wednesday.
AngloGold suspended tailings deposition at Calcinados in Brazil after starting with buttressing work. The facility processed gold from the Cuiabá Mine Complex, which produced 241,000 ounces last year. While the tailings facility is safe, AngloGold said work to buttress it is aimed at meeting Canadian safety standards, which is considered best practice. AngloGold said it is exploring options to sell gold concentrate produced from the Cuiabá Mine.
AngloGold’s profits slumped 52% to $297 million last year amid rising costs and impairment at its Brazilian operations. Still, output rose 11% last year as production improved at a key mine in Ghana.
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