AngloGold Ashanti (NYSE:AU) Production Estimates Coming in at Low End

AngloGold Ashanti (NYSE:AU) full-year production estimates will come in at the lower end of guidance, according to Chief Executive Officer Mark Cutifani.

Talking about Ghana, Cutifani said, “We underestimated some of the social complexities and some infrastructure failures” there.

Besides having to suspend operations at its Obuasi mine in Ghana because of water contamination problems, they also had to lower production at its Savuka mine in South Africa.

In August Anglogold had projected annual production to reach between 4.5 million ounces and 4.7 million ounces. They now see full-year production coming in at 4.5 million ounces.

Overall production in the latest quarter increased to 1.16 million ounces, more than the 1.15 million guidance given by the company in August.