AngloGold Ashanti generated a gross profit of $1.02 billion in the 2023 fiscal year, a decrease from the previous year's figure of $1.13 billion.
Annual sustaining costs for the company amounted to $1,538 per ounce, surpassing the guidance level due to increased sustaining capital expenditure.
As of December 31, 2023, AngloGold recorded an adjusted net debt of $1.2 billion, up from $878 million in December 2022.
This increase can be primarily attributed to diminished cash generation from operating activities and exceptional expenses related to the company's corporate restructuring.
The miner achieved its production target of 2.6 million ounces of gold in 2023.
The production levels of its Tropicana mine in Australia, Geita, Iduapriem, and Kibali mines in Africa, all increased during the latter half of the year.
The company has projected a production range of 2.59 million to 2.79 million ounces for the year 2024. By 2025, that figure is expected to rise to between 2.65 million and 2.85 million ounces.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
