Nigeria Content Online

AngloGold Ashanti,
the world’s third largest gold miner, beat its guidance for
third-quarter output and costs on Thursday, sending its shares up more
than 4 percent.

Investors
overlooked the company’s adjusted headline loss for the July-September
quarter, which was largely due to the previously announced closure of
its hedge book.

AngloGold has
closed out instruments it used to hedge against the price of gold,
allowing it to sell at market prices, boost its cash flow and profit
margins, and to push ahead on some of its growth projects.

“I’m quite happy with the results. They are managing their costs and
the whole sector is also helped by very strong fundamentals,” said Abri
du Plessis, an analyst at Gryphon Asset Management.