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AngloGold Ashanti Q3 revenues rebound on greater gold cost

AngloGold Ashanti rebounded to a thirdquarter earnings on greater gold prices, after suffering a. loss in the corresponding duration due to reorganizing costs and. other oneoff factors, the miner said on Thursday.

The gold miner reported headline profits of $236 million in. the quarter to Sept. 30, compared to a headline loss of $194. million throughout the same duration last year.

AngloGold's income during the September quarter of 2023 was. impacted by costs associated with switching its main listing. from Johannesburg to New York, and moving its headquarters from. South Africa to London.

There were also problems and losses on derecognition of. properties and insurance claims in the prior period which did not. recur in the existing duration, the business said.

The increase in profits came regardless of a 3% decline in. production and was partly offset by higher operating costs,. losses on non-hedge derivatives, greater care and upkeep. costs, lower equity profits from associates and non-managed. joint endeavors and greater taxation.

AngloGold said it anticipates to finish the acquisition of. Egypt-focused smaller competing Centamin this month after. the target business's shareholders approved the $2.5 billion deal. on Oct. 28.

AngloGold's proposed handle rival Gold Fields to. integrate their neighbouring Tarkwa and Iduapriem mines in Ghana. and create Africa's biggest cash cow, is still awaiting. regulatory approvals by the west African country's government.

(source: Reuters)