A small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photoshares rose 2% on Friday after CEO Alberto Calderon pledged to reduce costs that dented half-year earnings and moved closer to the top end of its forecast range for the full year.
The South Africa-based gold miner's first-half production rose by 3% year on year to 1.233 million ounces, putting it on track to meet 2022 output guidance of between 2.55 and 2.8 million ounces. But headline earnings per share, the main profit measure in South Africa, came in at 71 U.S. cents, down 18% from a year earlier. Total cash costs were up 6% at $1,068 an ounce as inflation accelerated, but Calderon said he was happy the increase had been "limited"."We are pleased with what we were able to do," the CEO told reporters, adding that most of its rivals have had "serious issues" with costs.
Calderon said the miner can achieve the necessary reduction in second-half cash costs to remain within the company's cash cost guidance of $925 to $1015 per ounce for the year.
Source: News Formal (newsformal.com)
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