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ANGLOGOLD Ashanti has maintained its full-year gold production forecast despite a 9% decline in third-quarter output and a sharp increase in mining costs.
The miner said on Thursday it still expects to produce between 2.8 million and 3.17 million ounces (oz) this year, with improved operating conditions at several mines expected to support a stronger fourth quarter.
AngloGold produced 696,000 oz in the September quarter, down from 768,000 oz a year earlier, while all-in sustaining costs (AISC) rose 26% to $2,170/oz from $1,720/oz.
Production was affected by flooding at Iduapriem in Ghana, infrastructure constraints and safety-related interruptions at Obuasi, also in Ghana, and lower grades and a temporary underground shutdown at Sukari in Egypt.
Output at Iduapriem fell 43%, mainly because flooding from a neighbouring mine disrupted access to high-grade ore. Production at Obuasi declined 26%, reflecting infrastructure constraints, localised operational delays and additional underground safety measures.
At Sukari, production fell 21%, mainly reflecting lower recovered grades, while a 30-day underground shutdown following a fatality in August also affected operations.
AngloGold said dewatering at Iduapriem had restored full access to high-grade mining blocks, while waste stripping at Sukari was exposing higher-grade ore. Underground mining areas at Obuasi were also returning to their planned ramp-up.
“We are well positioned to deliver a strong final quarter to achieve our full-year gold production targets while advancing our long-term, high-margin pipeline in Nevada and our brownfield assets,” said CEO Alberto Calderon.
Despite the decline in production, AngloGold's earnings benefited from higher gold prices. The average gold price received increased 21% to $4,239/oz, lifting earnings before interest, tax, depreciation and amortisation (EBITDA) 12% to $1.57bn.
However, free cash flow declined 22% to $722m from $920m, reflecting increased capital expenditure, higher tax payments, lower gold sales and rising operating costs.
Capital expenditure increased 45% to $563m from $388m a year earlier, including $352m spent on sustaining existing operations and $211m on growth and other non-sustaining projects.
Spending included work at the Queiroz Plant in Brazil, further mine development at Iduapriem and Geita in Tanzania, and investment in North American growth projects. AngloGold also increased spending on waste stripping at Sukari and infrastructure projects at Siguiri in Guinea.
The company said market-driven factors accounted for $189/oz, or 61%, of the year-on-year increase in total cash costs. Higher labour and mining contractor costs, fuel prices and gold royalties contributed to the increase.
AngloGold also announced that its board had approved funding for the execution phase of the North Bullfrog gold project in Nevada, subject to federal and state permits.
The group declared a third-quarter dividend of $361m, or 71 US cents a share, bringing dividends declared in the first nine months to $1.31bn.
AngloGold ended September with net cash of $1.26bn and available liquidity of around $4.5bn.