AngloGold Ashanti Announced Year-End Operations Update

SEATTLE (Scrap Monster): AngloGold Ashanti has provided an year-end update on its business operations. The company says that it is well on track to meet its cost and production guidance for the current year, for the eighth year in a row. All key assets are likely to deliver strong operating performance.

AngloGold Ashanti had initially withdrawn its guidance for 2020 in March this year, on account of uncertainties caused by Covid-19 pandemic. It had released revised guidance towards end-September this year. It had then projected the production for the year to range between 3.03 Moz and 3.10 Moz at all-in sustaining costs of between $1,060 per Oz and $1,120 per Oz. Also, the company continued to maintain a prudent approach to long-term mine planning.

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The press release by the company noted that it is on track to build on the robust free cash flow of $516m in the first nine months of the year. Furthermore, it is on track to post the strongest annual free cash flow performance in almost a decade. The company has also decided to double its pay-out ratio to 20% of free cash flow.

The company delivered on production and kept costs down, while battling the challenges posed by the pandemic, said Interim CEO Chrsitine Ramon.