• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

AngloGold Ashanti CEO sees inflation pressure easing next year

3 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets, Mining
2 min read
0 0
0
151
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

AngloGold Ashanti CEO sees inflation pressure easing next year

AngloGold Ashanti‘s CEO, Alberto Calderon expects inflationary pressures to ease next year, he said on Friday after the miner joined rivals in reporting a hit to half-year profit and forecast that costs would be at the top end of guidance this year.

Lower commodities prices in 2023 are likely to bring the company’s costs inflation down to a single-digit percentage from a peak of about 13%, Calderon told Reuters.

Calderon estimated that 40% of the cost increase in the first half of this year was attributable to diesel prices.

The South Africa-based gold miner reported first-half production up 3% year on year at 1.233 million ounces and said production would increase in the second half to meet 2022 guidance of between 2.55 and 2.8 million ounces.

But headline earnings per share, the main profit measure in South Africa, came in at 71 U.S. cents, down 18% from a year earlier. Total cash costs were up 6% at US$1,068 an ounce as inflation accelerated, but Calderon said he was happy the increase had been “limited”.

“We are pleased with what we were able to do,” he told reporters, adding that most of the company’s rivals have had “serious issues” with costs.

RelatedPosts

Alex Mould Questions BoG’s 25% Policy Rate Amid Ample Market Liquidity and Falling Inflation

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

COST CUTS PLEDGE

Calderon said AngloGold can achieve the necessary reduction in second-half cash costs to remain within the company’s cash cost guidance of US$925 to US$1015 per ounce for the year.

Newmont Corp, the world’s biggest gold miner, last week raised its annual costs forecast and warned that inflationary pressures would persist into next year, sending its shares down 12%.

AngloGold, 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 owing to higher grades.

Adjusted net debt fell 13% year on year to US$740 million while free cash flow came in at US$471 million, compared with a US$25 million outflow in the first half of last year, lifted by cash distributions from its Kibali mine in Congo, a joint venture operated by Barrick Gold Corp.

After recent reported cases of the highly infectious Marburg virus near AngloGold Ashanti’s Obuasi mine in Ghana, Calderon said the company has activated all its protocols for dealing with epidemics.

“The information we have is that it is, right now, controlled,” he said.

Tags: Alberto CalderonAngloGold AshantiAngloGold Ashanti CEO sees inflation pressure easing next yearLower commodities prices
No Result
View All Result

Highlights

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

Treasury Exceeds Auction Target of GHS 3.86 Billion Amid Tightening Yields

BoG Raises GHS 15.38 Billion via 56-Day Bills to Reinforce Tight Monetary Policy Stance

Passage of Competition Law Key to Tackling DSTV’s Market Dominance – CUTS International

Why Are Interest Rates Still High? The MPR vs Market Rates Debate

Trending

Business

Alex Mould Questions BoG’s 25% Policy Rate Amid Ample Market Liquidity and Falling Inflation

August 4, 2025

Alex Mould Questions BoG’s 25% Policy Rate Amid Ample Market Liquidity and Falling Inflation Former Executive Director...

Chamber of Agribusiness Calls for Sector-Wide Price Cuts and Urgent Government Support to Curb Food Crisis

August 4, 2025

The Perils of Market Interventionism: When Political Pressures Threatens Ghana’s Economic Gains – The Way Forward

August 4, 2025

GAB Projects Drop in Lending Rates Starting August 6 Following BoG’s 300bps Policy Rate Cut

August 4, 2025

Local Bourse Rallies Strongly as GSE-CI Hits Near 7,000 Mark

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.