AngloGold Swings to Full-Year Loss as Gold Price Bites

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By Devon Maylie

JOHANNESBURG--Gold-mining company AngloGold Ashanti Ltd. (ANG.JO) swung to a net loss for 2013, hit by a fall in gold prices.

Net loss attributable to equity shareholders for the year ended Dec. 31 totaled $2.23 billion, compared with a profit $897 million in 2012, the Johannesburg-based company said.

The company, which is the world's third-largest gold producer, said the loss was due to a post-tax impairment of assets and investment and inventory write-downs of $2.5 billion.

The loss came despite an increase in annual production, the first time in nine years. AngloGold production for the year was 4.105 million troy ounces, compared with 3.94 million ounces in 2012. While production improved, the price received for its gold on average was down 16% from a year ago.

AngloGold has been cutting costs and closing unprofitable production. As part of its review, AngloGold said this month that it sold AngloGold Ashanti Namibia (Proprietary) Ltd., which owns the Navachab Gold Mine, to a subsidiary of QKR Corporation Ltd. for an upfront payment of $110 million.

Earlier this week, the company said its chairman Tito Mboweni stepped down to focus on his other professional commitments. Mr. Mboweni's resignation marks the second top executive departure in the past year. Chief Executive Mark Cutifani left in March 2013 to take the same position at Anglo American PLC.

Write to Devon Maylie at devon.maylie@wsj.com

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