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AngloGold mines up for sale as good performance continues

ANGLOGOLD Ashanti shares rocketed up 13% this morning after the company beat cost and production guidance and foreshadowed a possible asset sale.

The company produced 1.1 million ounces for the September quarter at a total cash cost of $US820 ($A943) an ounce, compared to 1.04Moz at $809/oz at the same time last year.

All-in sustaining costs improved 10% on 2013 to $1036/oz.

The company also notched record safety performance over the three month period, recording its second fatality-free quarter in succession for the first time in its history.

"Our operations are firing on all cylinders," AngloGold CEO Srinivasan Venkatakrishnan said.

"We've prioritised and have started working on a range of self-help measures to generate cash from within the current operating base to further deleverage the balance sheet over the medium term.

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Miners hit as gold, iron ore fall to multi-year lows

AS commodity prices continue to fall, gold and iron ore stocks were among the worst performers on the ASX this morning, with Atlas Iron shares falling to the lowest point since it became a producer.

At around midday AEDT, Atlas Iron was down by almost 9.3% to A24.5c, its lowest price since 2005 and extending losses this year to over 78%.

BC Iron was down 2%, Mount Gibson was down 3% and Fortescue Metals Group was down by more than 3.6%.

It comes as iron ore hit a fresh five-year low overnight of $US76.46 per tonne after China moved to curb pollution ahead of the APEC summit this week by curtailing some steel production in Hebei.

Most analysts are confident that the price will improve before the end of the year.

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Fraser's warning for WA

A SENIOR figure at Canada's Fraser Institute has warned Western Australia over complacency borne from the previous resource boom, when several flawed policies were developed that threaten the state's future.

Announcing last week that WA would have the third highest level of economic freedom in the world after Hong Kong and Singapore if it were an independent nation, the Fraser Institute's Michael Walker Chair of Economic Freedom Research, Fred McMahon, warned of complacency which could imperil the state's prosperity in light of "new and great challenges"

With commodity prices likely to remain weak, and thus unable to bail WA out of future difficulties; and petrochemical prices and demand unlikely to recover to boom levels, McMahon said complacency caused by the commodities boom had allowed a number of flawed policies to be implemented or perpetuated and economically dangerous situations to develop, including labour market barriers, deficits and poorly-directed spending and potential housing market problems.

He said uncertainty over the world economy, including Europe and the economic trajectory of China, were the most important for issues both Australia and future commodity prices.

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More work required at Olympic Dam: BHP

THE HEAD of BHP Billiton's giant Olympic Dam mine says a number of key improvements still need to be made before the operation can expand further.

Speaking in Adelaide on Friday, Olympic Dam asset president Darryl Cuzzubbo said while significant improvements had already been made at the South Australian mine, there was still more work to be done.

"It is only reasonable that we do the best with what we already have before we ask for substantial capital for a potential expansion," he said.

"Once we are able to run our existing operation at full capacity we then, and only then, earn the right to grow."

Cuzzubbo said BHP had set a number of benchmarks for Olympic Dam by analysing both the operation and other competitors.

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Vale flags more mine closures

BRAZLIAN mining giant Vale, which posted a $US1.4 billion ($A1.6 billion) net loss in the recent quarter, has forecasted more coal mine closures ahead as "sluggish" metallurgical coal demand continues.

A half owner of the Isaac Plains coal mine in Queensland, which will shut in late January, Vale said oversupply was persisting in its metallurgical coal outlook.

It noted that mine shutdowns had become a reality in Australia and the US over the past two years.

The miner said that global production was still outpacing demand, mostly from efficient producers in Australia.

"The market is not expecting any material price rise without a serious supply shock. Prices are expected to improve slightly in 4Q14 due to seasonal effects," the mining house said.

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