Gold miner Anglo Gold Corp. Asanti (AngloGold Ashanti) reported overall revenue of $203 million in the first quarter due to higher gold prices.
Production in the first quarter of 2021 was 588000 ounces, down from 630000 ounces in the same period last year, and the total cash cost was $999 / oz, up from $773 / oz in the same period in 2020.
Overall revenue for the three months ended March 2021 was $203 million, or 48 cents per share, compared with $143 million, or 34 cents per share, in the first quarter of 2020.
Adjusted net debt fell from $1.606 billion in the first quarter of 2020 to $908 million in the first quarter of 2021, down 43 per cent from a year earlier.
"We will continue to make progress in implementing the strategy," said Christine Ramon (Christine Ramon), interim chief executive. "our balance sheet remains stable and Obuasi is steadily completing."
Construction of the Obuasi reconstruction project is expected to transform it into a first-class gold producer, with 97 per cent of construction completed by the end of March this year.
In the first quarter of 2021, the mine's production increased by 53% from 30,000 ounces in the previous quarter to 46,000 ounces.
In the first quarter of 2021, the production loss caused by Covid-19 was estimated at 4000 ounces, and all maintenance costs were estimated at $29 per ounce by (AISC). Brazilian operations and Obuasi mines were most affected by the pandemic in the first quarter, with high absenteeism affecting Brazilian productivity and ongoing challenges in the relocation of expatriate workers from Australia to Ghana.
The increase in total cash costs in the first quarter of 2021 was mainly due to lower grades and lower ore stocks in some operations and inflationary pressures recorded in most portfolios, while waste stripping and underground development were still ongoing.
This increase is partially offset by operational efficiency. In the first quarter of 2021, AISC rose 26%, or $266 / oz to $1287 / oz, compared with a continuing operating price of $1021 / oz in the first quarter of 2020.
The main drivers of production growth over the next two years will be the steady state of Obuasi, the return of Tropicana to normal production levels after current reinvestment in its lifespan, and the increase in production planned by AGAMinera รฃ o Siguiri and Sunrise Dam.
Adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) rose 3 per cent year-on-year, from $434 million in the first quarter of 2020 to $449 million in the first quarter of 2021, resulting in a strong adjusted Ebitda margin of 47 per cent in the first quarter of this year.
The implementation of the recommendations of the Task Force on Climate-related Financial Information Disclosure created by the Financial Stability Board, together with new emission reduction targets and strategies to further reduce emissions and carbon footprints, is expected to be completed later this year.
