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AngloGold more than triples H1'19 profit YOY; gold output slips

AngloGold Ashanti Ltd. said Aug. 8 that first-half profit attributable to shareholders was US$114 million, or 27 U.S. cents per share, surging 245.5% from US$33 million, or 8 cents per share, a year ago.

Headline earnings for the half amounted to US$120 million, or 29 cents per share, a rise from US$99 million, or 24 cents per share, and within its forecast range of US$111 million to US$129 million.

Results in the period were positively influenced by strong performance across AngloGold's operating assets.

The South African miner's gold income declined to US$1.79 billion, from US$1.92 billion in the year-ago half.

Adjusted EBITDA totaled US$689 million, compared to US$723 million in the second half of 2018.

First-half gold sales shrunk to 1.58 million ounces from 1.65 Moz in the prior-year half, with the average realized price dropping to US$1,299 per ounce from US$1,310/oz.

Output slipped to 1.55 million ounces, from 1.63 million ounces a year ago. All-in sustaining costs fell to US$1,002/oz from US$1,020/oz.

Total cost of sales for the half slipped to US$1.50 billion from US$1.60 million in the first half of 2018.

AngloGold maintained its full-year production guidance of between 3.25 Moz and 3.45 Moz. Total cash costs are estimated to range from US$730/oz to US$780/oz. All-in sustaining costs are projected at between US$935/oz and US$995/oz.

Capital expenditure forecast is between US$850 million and US$920 million. During the half, capex shrunk to US$318 million from US$335 million.