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.