AngloGold Ashanti has come up with a new carbon emissions reduction target which seeks to achieve a 30% absolute reduction in its Scope 1 and Scope 2 Greenhouse Gas emissions by 2030, as compared to 2021.
This will be achieved through a combination of renewable energy projects, fleet electrification and lower-emission power sources, it said.
The gold miner said the capital cost required to achieve these reductions over the coming eight years is anticipated to be about $1.1 billion.
At least $350 million of the capital cost is expected to be funded by AngloGold while the remaining $750 million will come from third-party funding, including providers of renewable energy infrastructure. “This programme is expected to be Net Present Value positive, adding value to our business by reducing energy cost and improving energy security,” it said.
Meanwhile, AngloGold’s production for the third quarter of 2022 jumped 20% to 738,000oz compared to 613,000oz in the third quarter of last year, underpinned by higher grades across most assets.
Its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also increased 5% to $472 million in the third quarter of 2022, from $448 million in the third quarter of 2021, despite the lower gold price received.
The company recorded a free cash flow of $169 million in the third quarter of 2022, versus $17 million in the third quarter of last year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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