LONDON -- African gold miner Ashanti Goldfields Co Ltd (AGC) reported a doubling of annual profits on Tuesday, driven by a big fall in interest payments.

The company, midway through a refinancing designed to put it back on its feet after it almost collapsed in 1999 due to heavy hedging losses, reported net earnings before exceptional items of $62.7 million, up from $30.5 million a year earlier.

The result was largely due to a reduction in debt during the year, with interest payments cut by 43 percent to $29.4 million in calendar 2001. Net debt fell to $271 million at end-December from $292 million a year earlier.

"Ashanti overcame significant challenges to end 2001 on a stronger note," Chief Executive Sam Jonah said in a statement, citing recent agreements with bankers, bondholders and hedge counterparties to restructure its debts.