Categories: Stories

Ashanti profit for third quarter up 55 percent

Ashanti Gold earned US$58.8 million in the first nine months of this year, up from US$37.6 million though gold sales were down from 1.25 million ounces to 1.22 million ounces.

Its production costs also went up from US$257 an ounce last year to US$262 an ounce.

Earnings for the third quarter alone were 55 percent above last’s year, with the company realising US$22.5 million compared with US$14.5 million.

Total sales for the nine months were US$419.3 million, while those for the third quarter alone were US$141.2 million.

The company had sales of US$405.6 million in the first nine months of last year and US$136.2 million in the third quarter alone.

The company realised an average of US$344 an ounce in the first nine months of this year up from US$325 last year. In the third quarter, it realised US$347 an ounce compared with US$331 last year.

The spot price for gold for the first nine months was US$308 while that for the third quarter was $315.

The company has entered into a joint venture to explore for platinum in South Africa.

Its Geita mine in Tanzania achieved record gold production and increased reserves by 24 percent.

(38 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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