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JOHANNESBURG (Reuters) - AngloGold Ashanti’s first-half earnings slumped 18% even as production increased, as inflation took a toll on its profit with the gold miner warning on Friday that costs were scaling towards the top end of its annual forecast range.
The South Africa-based miner’s first-half production increased 3%, compared with the same period last year, putting the miner on track to meet its outlook for 2022.
Still, headline earnings per share, the main profit measure in South Africa, came in at 71 U.S. cents, down 18% from a year-ago period. Total cash costs were up 6% at $1,068 per ounce, from the same period last year.
The company, which mines in Argentina, Australia, Brazil, Democratic Republic of Congo, Ghana, Guinea, and Tanzania, produced 1.233 million ounces of gold in the first half, with second-quarter output up 10% from the first quarter due to higher grades.
The increase in costs was driven by “accelerating inflation across several input categories” and bigger royalty payments due to higher gold prices, AngloGold said.
“The fundamentals of our company continue to improve, despite the challenging cost environment,” Chief Executive Officer Alberto Calderon said.
Adjusted net debt fell 13% to $740 million from last year, free cash flow came in at $471 million due to cash distributions received from its Kibali mine in Congo, a joint venture operated by Barrick Gold Corp.
Reporting by Helen Reid; Editing by Sherry Jacob-Phillips