Company news in brief

AngloGold: Pandemic hits earningsShares in AngloGold Ashanti slumped more than 10% on Friday after it trimmed its 2021 production estimate and posted a 10% drop in headline first-half earnings due to the impact of the Covid-19 pandemic and increased bullion mining costs.Africa's top gold producer revised its full year production guidance to 2.4-2.6 million ounces in 2021 against an earlier target of 2.7-2.9 million ounces, citing the suspension of underground mining activities at the Obuasi Mine in Ghana following a fatal accident in May.However, its interim chief executive officer said it planned to boost the quality of gold it produces and the lifespan of its mines to counter the big discount at which its shares trade versus its estimated real value.AngloGold's headline earnings for the first half declined to US$363 million compared with US$404 million posted in the same period a year earlier, and it declared an interim dividend of R0.87 per share.Production for the first half was down to 1.2 million ounces against 1.32 million ounces last year partly due to the suspension of underground mining activities at Obuasi.Shares in all global gold companies have fallen so far this year after surging on record high gold prices last year, but AngloGold has been the worst performer and lost more than half of its market value since July 2020.Like many other gold producers, South Africa-listed AngloGold has largely focused on mining lower grades of ore as they became viable amid higher gold prices. – Nampa/Reuters

Company news in brief

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Republikein 2025-12-16

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Company news in brief

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