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AngloGold issues updated financial status on first quarter performance

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AngloGold Ashanti has issued an update on its financial status and earnings, as well as the improved ratio of debt to earnings, with net debt declining by 41 percent.

AngloGold Ashanti issued a release on Friday, 6 August 2021, confirming that in the first half of the year, it had earnings of $363 million. It noted that the performance was affected by the ongoing COVID-19 pandemic, increased costs, lower realised grades across certain operations, as well as the voluntary suspension of underground mining activities at the Obuasi Mine after a fatal accident.

AngloGold confirmed that its adjusted net debt had declined by 41 percent year-on-year, and that the company declared a dividend of R0.87 per share for six months ended 30 June 2021. Interim Chief Executive Officer, Christine Ramon stated, “AngloGold Ashanti remains focused on its strategy to create long-term value, whilst maintaining a strong balance sheet and mitigating any financial or operating risks to the business. We are also pursuing operating and capital efficiencies over the remainder of the year.”

AngloGold further confirmed that its balance sheet remained in a solid position, with debt falling and ample liquidity of approximately $2.5 billion. It also stated that the ratio of net debt to earnings before interest, tax, depreciation, and amortisation had improved to 0.37 times from 0.73 times since 2020.

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