Exclusive
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
AngloGold Ashanti boosts first half output, declares dividend
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