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Retrenching 8 500 SA workers will cost AngloGold R625m

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Cape Town – AngloGold Ashanti [JSE:ANG] expects to make a headline loss of between $80m (R1.06bn) and  $98m (R1.3bn) for the half-year ended June 30 2017, partly as a result of the $47m (R625m) once-off non-cash provisions it set aside for the retrenchment of about 8 500 workers in South Africa.

The world’s third-largest gold producer, with about 28 000 employees in South Africa, said it would set aside “once-off non cash provisions arising from the potential retrenchment costs relating to the South African operations of $47m (post-tax) or 11 cents per share”.

As a result of its restructuring process, it recorded a post-tax impairment of certain assets totalling $86m (R1.14bn). “These impairments are non-cash in nature and are included in the calculation of basic earnings and earnings per share, but excluded from the calculation of headline earnings and headline earnings per share for the period,” it said in a statement on Tuesday.

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