Ashanti gold production and profit down

Gold production at Ashanti, which has mines in Ghana, Tanzania and Zimbabwe dropped slightly last year from 1 656 784 ounces in 2001 to 1 621 919 ounces last year.

The biggest producer, Obuasi and new find Geita in Tanzania saw their production increase with Obuasi’s output increasing from 528 451 ounces to 537 219 ounces and that of Geita increasing from 272 781 ounces to 289 522 ounces.

Production at Zimbabwe’s Freda-Rebecca fell from 102 654 ounces to 98 255 ounces.

There were also drops at Bibiani from 253 052 ounces to 242 432 ounces, Iduapriem/Teberebie from 205 130 ounces to 185 199 ounces and Siguiri from 283 199 ounces to 269 292 ounces.

The company says it is carrying out expansion programmes at three mines. Proven and probably reserves increased from 26.1 million ounces to 27.2 million ounces.

Total turnover fell from US$554.4 million to US$552.2 million. Earnings before exceptional items stood at US$79.7 million, up from US$59.9 million, but this dropped to US$56.2 million after exceptional items.

Production costs increased from US $253 an ounce to US$ 262 an ounce.

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