AngloGold Obuasi Gold Mine to Remain Shut

The company’s headline earnings stood at $363m, or 87 US cents per share, in the first six months of 2021.

SEATTLE (Scrap Monster): AngloGold Ashanti announced that its first half performance was impacted by several factors including ongoing pandemic, higher costs, lower realized grades and suspension of underground mining activities at the Obuasi Mine in Ghana, Africa in May this year following a fatal accident. The company expects the key African mine to remain shut through the rest of the year.

The company’s headline earnings stood at $363m, or 87 US cents per share, in the first six months of 2021. This compares with $404m, or 97 US cents per share, in the first half of 2020. The adjusted net debt of the company has declined by 41% to $850 million, when compared with $1.431 billion a year before.

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The production for the initial six-month period of the year was 1.2 Moz at a total cash cost of $1,003 per Oz. The all-in sustaining costs (AISC) stood at $1,333 per oz. The Covid-19 pandemic impacted the half-yearly production by at least 42,000 ounces, said the company press release.

The company announced that more capital will be required for the Obuasi Redevelopment Project- at least $35-million in sustaining capital and at least $70-million in non-sustaining capital expenditure. Also, it expects additional cost of $50 million will be required for its Brazil tailings compliance programme.

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