ANGLOGOLD Ashanti will report headline share earnings for 2020 of between 229 and 247 US cents a share which compares to 91 US cents in its 2019 financial year.
The improvement was put down to a 27% increase in the gold price and weaker local currencies in the jurisdictions where it operates which more than offset mining inflation. A strong performance from Kibali, a mine it shares with Barrick Gold, also made a strong contribution, equal to a year-on-year increase of 26 US cents a share.
Production for the year would be 3.05 million ounces compared to 3.28 million oz in the 2019 financial year. The decline was owing to the sale of its Mponeng and Mine Waste Solutions assets in South Africa to Harmony Gold, a transaction on which AngloGold booked an $81m post-tax loss, equal to 19 US cents/share.
The impact of Covid-19 also affected production but there were nonetheless good operational performances, especially from its African mines Iduapriem, Siguiri, Kibali, and record production from Geita in Tanzania.
Strong production from Sunrise Dam in Australia and AGA Mineração in Brazil also contributed and offset declines in production at Tropicana, Cerro Vanguardia, and Serra Grande.
The Obuasi Redevelopment Project in Ghana delivered 127,000 oz of production despite delays in receiving equipment and in the arrival of critical skills for the project as a result of lockdowns in various jurisdictions during the year, said AngloGold.
