Wednesday, 4th May 2005 (2567 views)

AngloGold Ashanti has increased its savings targets, with the South African gold miner looking to double its previous target.

According to the head of South African operations at the company, Robbie Lazare, the firm is looking to save more than $80 million during 2005.

It then hopes to follow this with $27.2 million in savings in 2006 and $34.7 million in the following year.

Previously the miner was looking at saving around $41.4 million at its South African operations, according to Business Day.

The bigger focus on cutting costs and increasing savings is due to a current cost margin squeeze at sites in the area.

AngloGold believes savings will be made through more efficient operations, restructuring, procurement and other areas.

 

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