AngloGold Ashanti’s first half production increased 3% year-on-year to 1.233Moz compared to 1.200Moz, a year earlier.
Production growth was underpinned by higher grades and tonnes processed, leading to marked improvements from the Australian and Latin American operations, which offset lower production from Kibali and Geita in the Democratic Republic of Congo and Tanzania, respectively.
AngloGold Ashanti said total cash costs for the first six months of the year were $1,068/oz, up 6% from the first half of 2021 driven largely by accelerating inflation across several input categories as well as larger royalty payments due to the higher gold price received.
These cost pressures, it said, were partially offset by operating improvements and a 10% increase in underground grades.
“The fundamentals of our company continue to improve, despite the challenging cost environment,” said chief executive Alberto Calderon.
“We have the right structure and the right people in place to further optimise from our portfolio and close the gap with our peers.”
Meanwhile, AngloGold Ashanti’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2022 was $864 million, compared with $876 million for the first half of 2021.
Adjusted EBITDA was 1% lower year-on-year mainly due to higher operating costs and higher exploration and evaluation costs, partially offset by higher gold sold and the higher gold price received.
Headline earnings for the period were $300 million, or 71 US cents per share, compared with $363 million, or 87 US cents per share, in the first half of 2021.
The miner’s free cash flow rose to $471 million for the first half of 2022 from an outflow of $25 million in the same period last year.
The increase in free cash flow was supported by $549 million received from the Kibali gold mine.
AngloGold Ashanti also declared an interim dividend of 29 US cents per share, or $121 million.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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