Shares of South Africa-based gold miner AngloGold Ashanti (NYSE: AU) slumped on Friday, down 13.7% as of 1:30 p.m. EDT. At a time when most gold stocks are minting money off the rally in gold prices, AngloGold's second-quarter numbers released this morning left much to be desired.
Worse yet, the gold miner downgraded its full-year guidance, attracting an analyst downgrade on its stock right away that's further weighing down on the stock price today.
AngloGold's gold production climbed 4% year over year, but its all-in sustaining cost (AISC) shot up 7% to $1,380 per ounce of gold. AISC is a key measure of cost used in the gold industry and includes most costs incurred during a period, from exploration to operational expenses and sustaining capital expenditures. AngloGold's Q2 AISC is among the highest in the industry.
For further details see:
Why This Mid-Cap Gold Stock Is Tanking (It's Not Gold Prices)