Anglo Gold Ashanti produced about 2.5 million ounces for the year ended 31 December 2021 at a total cash cost of $963/oz, compared to 2.806Moz at a total cash cost of $790/oz for the year ended 31 December 2020.
It said production was lower mainly due to the company undertaking significant reinvestment across key assets, the temporary suspension of underground mining activities at Obuasi in Ghana, the direct impact of COVID-19 in the first half of 2021, and secondary impacts of the pandemic, including on the mobility of labour, across the full year.
The impact on production from COVID-19 was estimated at 47,000oz for the full year in 2021, compared to 59,000oz in 2020.
Basic earnings or profit attributable to equity shareholders for the year ended 31 December 2021 were $622 million, or 148 US cents per share, compared with $946 million, or 225 US cents per share, the previous year.
Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) for the year was $1.8 billion compared with about $2.5 billion for the year ended 31 December 2020.
Adjusted EBITDA was lower year-on-year mainly due to lower ounces of gold sold and higher operating costs, partially offset by the marginally higher gold price received.
Group guidance for production is expected to be 2.55Moz to 2.80Moz in 2022, with the majority of the production growth coming from Obuasi.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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