Anglogold Ashanti PLC ( (AU) ) has released its Q3 earnings. Here is a breakdown of the information Anglogold Ashanti PLC presented to its investors.
AngloGold Ashanti PLC is a leading gold mining company operating globally, known for its extensive portfolio of managed and non-managed operations in Africa, the Americas, and Australia.
In its latest earnings report, AngloGold Ashanti announced its strongest gold production quarter of 2024, resulting in significant year-over-year financial gains. The company reported an impressive 339% increase in adjusted EBITDA and a 17-fold rise in free cash flow, buoyed by higher gold prices and effective cost management.
Key financial highlights include headline earnings of $236 million in the third quarter of 2024, compared to a headline loss of $194 million in the same period last year. Adjusted EBITDA jumped to $746 million, driven by a 28% increase in the average gold price received per ounce. Despite the challenges posed by inflation, the company managed to contain its total cash costs per ounce to a modest 8% increase year-on-year.
Strategically, AngloGold Ashanti is set to enhance its portfolio with the acquisition of Centamin plc, adding the Sukari mine in Egypt. This move is expected to improve the company’s asset mix by increasing production from Tier One assets and potentially allowing the divestment of higher-cost mines.
Looking ahead, AngloGold Ashanti reaffirms its full-year guidance on production, costs, and capital expenditure, as it continues to focus on improving production and margins in the favorable gold price environment.
