World's third-biggest producer of gold, AngloGold Ashanti Ltd has recorded a fall of 29 per cent during the whole year, 2012 mainly due to strikes in South Africa.

The unrest in South Africa affected the company's productions at mines in the country. The company said that its adjusted earnings excluding one-time items fell to $924 million or $2.39 per share in 2012 compared to $1.3 billion, or $3.36 per share during the previous year. Analysts were expecting the company to report $3.03 earnings per share during the whole of 2012.

The Johannesburg- based company said in a statement today that, "The weaker performance in earnings, cash flow largely reflects challenges at South Africa operations through course of year including several safety-related stoppages in the first half and the unprotected strike action in the second half."

Figures from South Africa's National Treasury have shown that the mine production in the country has fallen by 10.1 billion rand or $1.1 billion mainly because of strikes by workers demanding a hike in pay. AngloGold mines about a third of its metal in its South African mines and it might place tis South African assets into a separate company if investors undervalue the business.

The company said that its gold production fell 17 per cent to 859,000 ounces in the recent quarter and it produced 3.94 million ounces during the entire year.