AngloGold Ashanti (NYSE:AU) announced that second quarter production beat the company’s outlook, producing 1,073,000 million ounces of gold. Several expansion projects are also on track.
As quoted in the press release:
- Q2 production 1,073Moz beats guidance; strong performances from Continental Africa and Americas.
- Q2 total cash costs $801/oz, better than guidance due to improved volumes, weaker local currencies.
- Q2 Adjusted headline earnings of $253m, or 65 US cents a share.
- Projects on budget and on schedule; Tropicana first gold expected by end of next year.
- Completed acquisition of residual 50% stake in Serra Grande.
- Record First-Half EBITDA of $1.47bn achieved in seasonally weaker first half.
- Revolving Credit Facility of $1bn refinanced at competitive rates and extends maturity.
- $750m 10-year, investment-grade rated bond issued at 5.125% coupon(3); significantly oversubscribed.
- Completed acquisition of Mine Waste Solutions ($335m) for additional gold and uranium production.
AngloGold Ashanti Chief Executive Officer Mark Cutifani commented:
It was a strong operating quarter and we’ve kept our projects firmly on track. We’ve been driving this business hard to sustainably deliver industry-leading returns and we’re continuing on that path.