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Tuesday, 31st July 2007 (2771 views)

Gold exploration company AngloGold has reaffirmed its initial gold production guidance following the release of its latest figures.

For the second quarter of the year, the company's operational performance saw a two per cent rise in production on the first quarter - reaching 1.35 million ounces. According to AngloGold, this was due to higher volumes mined.

Meanwhile, AngloGold claims to have continued to deliver into its maturing hedge contracts, thus reducing the hedge delta by 840,000 ounces to 8.75 million ounces.

"At Sunrise Dam in Australia, production was in line with that of the previous quarter and total cash costs were seven per cent lower, while Cripple Creek and Victor, in the US, reported a three per cent increase in total cash costs due to higher fuel prices, despite an eight per cent production improvement," chairman RP Edey revealed in a statement.

Following the release of its statement, AngloGold has reaffirmed its production guidance of 5.7 million ounces of gold for the full year.

 

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