AngloGold Ashanti flags higher H1 earnings, says asset sales are proceeding

South Africa’s AngloGold Ashanti Ltd said on Wednesday its earnings likely rose as much as 29% in the first half, boosted by income from a legal settlement, gains from its Kibali joint venture and a drop in costs.

Headline earnings per share (HEPS) for the six months ended June 30 are expected to come in between 27 U.S cents and 31 U.S. cents, compared with 24 U.S cents during the same period a year ago.

HEPS, which strips out certain one-off items, is the main profit measure used in South Africa.

AngloGold, which said in May it would review divestment options for its Mponeng mine and other South African assets to focus on higher returns elsewhere, said it was pushing ahead with the plan.

“The process to streamline the AngloGold Ashanti portfolio continues with sales processes ongoing in South Africa, Mali and Argentina,” the firm said in a statement.

AngloGold will release its results on August, 8.