AngloGold Ashanti Reaffirms Full-Year Production Guidance for 2023

AngloGold Ashanti, a South African gold miner, has announced that its third-quarter gold production has improved compared to the second quarter, leading to the reaffirmation of its full-year production guidance for 2023.

In the third quarter, the company saw a 3% increase in gold production, reaching 673,000 ounces. This growth was primarily driven by a higher amount of ore processed, although there was a slight decrease in overall recovered grades.

This positive trend marks a continued recovery for AngloGold Ashanti after facing setbacks in the first and second quarters of this year at its mines in Brazil and Guinea respectively.

However, despite the recent improvement, gold production for the first nine months of the year remains lower than the same period last year. AngloGold Ashanti produced 1.91 million ounces during this timeframe, compared to 1.97 million ounces in the prior year.

Chief Executive Alberto Calderon expressed his optimism, stating, “Gold production has improved in the third quarter of 2023 and is expected to step up again over the remainder of the year, in line with our guidance.”

AngloGold Ashanti has set a target for gold production between 2.45 million and 2.61 million ounces, with all-in sustaining costs ranging from $1,405 to $1,450 per ounce.