AngloGold Ashanti: Strong second quarter bolsters first half performance
Gold production in the second quarter of 2024 rose 12% quarter-on-quarter to 663,000oz from 591,000oz in the first quarter of 2024. The overall second quarter improvement in gold production quarter-on-quarter came as the Australian assets recovered from flooding toward the end of the first quarter of 2024.
Tropicana’s second quarter gold production improved quarter-on-quarter by 38%, and Sunrise Dam’s by 14%. At Siguiri, where metallurgical recovery challenges hampered first-quarter performance, second quarter gold production was up 67% quarter-on-quarter.
Across the remainder of the portfolio, improved second-quarter gold production contributions were recorded at Kibali (8%), Iduapriem (6%), Cerro Vanguardia (5%) and Geita (1%). At Obuasi, gold production was steady quarter-on-quarter at 54,000oz in the second quarter of 2024. Underground ore tonnes treated increased by 7% quarter-on-quarter as the mine ramped up open stope volumes.
Basic earnings in the first half of 2024 were higher than in the first half of 2023 mainly due to more gold sold, a higher average gold price received per ounce, lower operating costs, lower impairments and derecognitions of assets, higher equity earnings from joint ventures, higher finance income and lower foreign exchange losses, partly offset by higher losses on non-hedge derivatives, higher corporate and operating expenses, and higher taxation. Basic earnings were $311m, in the first half of 2024 compared to a basic loss of $39m, in the same period a year earlier. Headline earnings were $313m, in the first half of 2024 compared to $61m, in the same period a year earlier.
