AngloGold Ashanti (NYSE: AU) revises up first quarter outlook.
Following the stabilisation of Eskom power supply to South African operations during the quarter, AngloGold Ashanti is forecasting first quarter production of approximately 1.19 million ounces.
The revised production outlook is around 8% above guidance provided at the fourth quarter results presentation. The company has also fully delivered into maturing hedge contracts during the quarter.
Commenting on the revised outlook, CEO Mark Cutifani said, "Our first quarter performance will speak to the superb job that our South African operating team, in partnership with the unions and Eskom, has done in managing through a difficult situation. We are successfully implementing a 4% energy saving target, which will enable us to get back towards our 100% production objective, even though we are working with a reduced power supply."
The company will revise guidance for 2008 with the first quarter results, which will be released on 6 May 2008.
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