AngloGold Ashanti H1 net profit fell, hit by rising costs

Aug. 05, 2022 7:30 AM ETAngloGold Ashanti Limited (AU)By: Carl Surran, SA News Editor

Large bucket scoop loads gold ore intoa giant dump truck

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AngloGold Ashanti (NYSE:AU) +1.7% pre-market on Friday after reporting a decline in H1 net profit but saying it is on track to meet guidance ranges for the full year.

The miner said H1 net profit totaled $298M, compared with $362M for the same period in the previous year, and headline earnings fell to $300M from $363M a year earlier.

Free cash flow for the period swung to a $471M inflow from a $25M outflow in the same period last year.

AngloGold's (AU) H1 production increased 3% Y/Y to 1.23M gold oz, with Q2 output up 10%, "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."

But all-in sustaining costs rose 6% to $1,418/oz, driven by "accelerating inflation across several input categories" and bigger royalty payments due to higher gold prices.

AngloGold's (AU) stock price return shows 29% declines YTD and during the past year.

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