AngloGold Ashanti increased its gold production by 11% to 2.7 million ounces (oz) in the year through 31 December 2022 compared to 2.5 million oz in 2021, ending the year at the top half of guidance.
It said the operational result was underpinned by solid performances across most of the portfolio, with the Obuasi gold mine in Ghana meeting targeted production of 250,000oz as it continues on the ramp-up path to its full production run-rate above 400,000oz, which is expected by the end of 2024.
“We delivered on our production and cost commitments to the market and have begun to regain cost competitiveness versus our peers,” said company chief executive Alberto Calderon.
“We are seeing good progress in a number of places which confirms we are on the right track.”
Meanwhile, AngloGold Ashanti’s Adjusted EBITDA was marginally lower at $1.79 billion in 2022, from $1.80 billion in 2021.
The company recorded a free cash flow of $657 million in 2022, compared to $104 million, a year earlier. The balance sheet remained in a solid position after funding capital expenditure, two property acquisitions in Nevada and paying an interim dividend.
It declared a full year dividend of R815 cents (47 US cents) per share.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
It said the operational result was underpinned by solid performances across most of the portfolio, with the Obuasi gold mine in Ghana meeting targeted production of 250,000oz as it continues on the ramp-up path to its full production run-rate above 400,000oz, which is expected by the end of 2024.
“We delivered on our production and cost commitments to the market and have begun to regain cost competitiveness versus our peers,” said company chief executive Alberto Calderon.
“We are seeing good progress in a number of places which confirms we are on the right track.”
Meanwhile, AngloGold Ashanti’s Adjusted EBITDA was marginally lower at $1.79 billion in 2022, from $1.80 billion in 2021.
The company recorded a free cash flow of $657 million in 2022, compared to $104 million, a year earlier. The balance sheet remained in a solid position after funding capital expenditure, two property acquisitions in Nevada and paying an interim dividend.
It declared a full year dividend of R815 cents (47 US cents) per share.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
