JOHANNESBURG (miningweekly.com) – “It's been an extraordinary period by any measure,"was the description of AngloGold Ashanti CEO Alberto Calderon of his company’s first-half performance when he presented second-quarter (Q2) results of 46%-higher earnings to $2-billion and 36%-higher free cash flow to $727-million.
Regarding the half year, Calderon remarked: “We probably had the best Ebitda growth year-on-year of all of the large gold companies, comfortably outstripping the rise in the gold price, along with a more than doubling in cash flows. We made sure that shareholders see the full benefit and see it right away, with just under a billion dollars in dividends declared over six months. It's been an extraordinary period by any measure." (Also watch attached Creamer Media.)
“As we look to Q2, there was a production impact from both the Serra Grande sale and the temporary safety suspension at Obuasi. On the positive side of the ledger, we had standout performances at Tropicana and Cuiabá.
"Total cash costs to the group were $1 480 per ounce. Once again, as with the half year, the macro context is critical. Royalties, fuel broad inflation, foreign exchange basically accounted for all of the increase. While this impact is driving cost inflation across the industry, our underlying operational discipline is firmly intact, and that discipline is why our financial metrics are so strong.
