South Africa’s AngloGold Ashanti said on Monday second-quarter earnings likely fell by as much as 30%, hit by the lower gold price and overshadowing a rise in production

AngloGold, Africa’s biggest gold miner, said it expected adjusted headline earnings for the quarter to end-June to total between $240 million to $255 million.

That compares with the adjusted headline earnings of $342 million, or 89 US cents per share, the company reported in the same quarter last year.

It said gold output rose 9% to 1,073 million ounces from the previous quarter, exceeding its own guidance of 1,04 million ounces for the period.

AngloGold is expected to report its financial results for the quarter on Aug. 6.

The company’s shares were up 1,86% at 262,04 rand as of 0721 GMT, compared with a 1,16% fall the benchmark Top-40 index.