UPDATE 1-S.Africa: AngloGold Reports Higher Annual Results | Metals and mines

(Add details, comment from the CEO)

JOHANNESBURG, Feb. 19 (Reuters) – AngloGold Ashanti (South Africa) on Tuesday announced an increase in its annual profit, boosted by the reduction in post-closing amortization and the sale of some of its badets and an increase in revenues from its activities in Kibali.

Gold miners' net earnings per share (HEPS) reached 53 cents ($ 0.0375) as at December 31, 2018, compared with 6 cents the previous year, which is in line with the company's expectations.

HEPS is the main profit measure in South Africa and eliminates some non-recurring items.

"This is a solid operational performance that demonstrates our commitment to meeting objectives and improving margins," said Kelvin Dushnisky, Chief Executive Officer.

Dushnisky, who was appointed chief executive last year, aims to rationalize the portfolio by selling the company's interests in its Cerro Vanguardia operations in Argentina and at the Sadiola mine in Mali, in order to focus on operations. longer life and likely to generate higher yields.

The miner said he would conduct a feasibility study with his project Quebradona, a joint venture with B2Gold, in Colombia.

The Greenfields project is expected to produce 2.9 billion pounds of copper, 1.4 million ounces of gold and 21.6 million ounces of silver over the life span. from his mine.

"The project is technically robust and metallurgy is particularly impressive thanks to the high quality concentrate it produces," said Ludwig Eybers, Operations Director at AngloGold International.

The company, which produced 3,400 million ounces of gold in 2018, said it expects production in 2019 to be between 3,250 million ounces and 3,450 million d & # 39; ounces.