Business
AngloGold Ashanti HY1 2024 Earnings Release for the Three Months and Six Months Ended 30 June 2024
AngloGold Ashanti delivers strong first-half performance; Free cash flow* $206m; Interim Dividend +450% y-o-y; Total cash costs per ounce* -1% y-o-y; FY2024 gui
About this update from Anglogold Ashanti Plc
[{"type":"text","content":"AngloGold Ashanti delivers strong first-half performance; Free cash flow* $206m; Interim Dividend +450% y-o-y; Total cash costs per ounce* -1% y-o-y; FY2024 guidance reaffirmed LONDON & DENVER & JOHANNESBURG / Aug 06, 2024 / Business Wire / AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) reported improvements in gold production and total cash costs per ounce* for the first six months of the year compared with the first six months of last year, helped by a significant turnaround at its Brazil operations, which in turn drove significant year-on-year gains in cash flow and earnings. With further operating improvements expected in the second half of 2024, guidance for 2024 was maintained. In the first half of 2024, gold production(1)(2) rose 2% year-on-year to 1.25Moz from 1.23Moz in the same period a year earlier, with total cash costs per ounce*(1)(2) for the group decreasing 1% year-on-year to $1,158/oz from $1,169/oz in the same period last year. This compared to a realised inflation rate for the Company of about 6% during the first half of 2024, which represents the sum of price-related increases in cost of goods and services at each site. All-in sustaining costs (“AISC”) per ounce*(1)(2) for the group rose 2% year-on-year in the first six months of 2024 to $1,589/oz compared with $1,555/oz in the same period in 2023. Total cash costs per ounce* for subsidiaries(1)(2) improved 1% year-on-year from $1,209/oz in the first half of 2023 to $1,200/oz in the first half of 2024. Total cash costs per ounce* for joint ventures(1) improved 2% year-on-year from $880/oz in the first half of 2023 to $866/oz in the first half of 2024. AISC per ounce* for subsidiaries(1)(2) increased 2% year-on-year from $1,624/oz in the first half of 2023 to $1,658/oz in the first half of 2024. AISC per ounce* for joint ventures(1) increased 2% year-on- year from $1,060/oz in the first half of 2023 to $1,078/oz in the first half of 2024. Improved operational performance and strong cost control helped AngloGold Ashanti capture the benefit of a higher average gold price received per ounce*, with Adjusted earnings before interest, tax, depreciation and amortisation (“Adjusted EBITDA*”) rising 65% year-on-year in the first half of 2024 to $1.118bn from $676m in the first half of 2023. Free cash flow* for the first half of 2024 was an ...