AngloGold Ashanti production to be in top half of guidance range
JOHANNESBURG – AngloGold Ashanti delivered on its key strategic objectives during 2022, achieving improvements in production, cash flow and safety performance. AngloGold Ashanti achieved guidance for production, capital expenditure and all-in sustaining costs in the 12 months through 31 December 2022.
Production for 2022 is expected to be 2.742Moz, compared to 2.472Moz in 2021, ending 2022 in the top half of the guidance range. In addition, the Obuasi gold mine in Ghana is expected to achieve its production guidance for 2022 of 250,000oz.
Total cash costs in 2022 are expected to be less than 1% above the annual guidance range despite significant volatility in the macro environment impacting input pricing and inflation across our industry.
The operational improvements followed solid performances across the portfolio, underpinned by an improving grade profile amidst the ongoing reinvestment programme, and with Obuasi continuing its planned ramp-up.
Headline earnings for the Period are expected to be between $530 million and $560 million, a decrease of 8% from the comparative period. Headline earnings for the comparative period in 2021 were $612 million.
Basic earnings for the Period are expected to be between $280 million and $315 million, a decrease of between 49% to 55% from the comparative period. The basic earnings for the comparative period were $622 million.
The expected decrease in basic earnings for the Period compared to the comparative period is due mainly to non-cash impairments recognised at its Brazilian operations, relating to Córrego do Sítio ($151 million net of tax, or 36 US cents) as previously reported, Serra Grande ($38 million net of tax, or 9 US cents) and Cuiabá ($57 million net of tax, or 14 US cents), cumulatively affecting basic earnings unfavourably by $246 million net of tax.
