AngloGold Ashanti’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to $1.42 billion for the year ending December 31, 2023, in comparison to $1.79 billion in the previous year.
The company reported a significant loss of $46 million, or $0.11 per share, for the year, in contrast to the positive earnings of $489 million, or $1.16 per share, in 2022.
AngloGold said that the loss was due to a decrease in gold sales, increased expenses related to corporate restructuring, additional provisions for environmental concerns regarding tailings storage facilities, higher costs for maintaining and closing operations, as well as increased operating and exploration expenses.
It also experienced losses from foreign exchange and higher taxes.
The adjusted net debt increased to $1.27 billion compared to $878 million at the end of 2022.
The rise in debt can be attributed to a decrease in cash generation from operating activities, a decline in dividends received from the Kibali joint venture in the Democratic Republic of Congo, and the additional expenses incurred during the corporate restructuring.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
