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

slovegrove/iStock Editorial via Getty Images

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.

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.