(Kitco News) - AngloGold Ashanti (NYSE: AU), one of the largest gold producers globally, today reported strong year-on-year improvements in production, all-in sustaining costs and cash flow for the third quarter of 2022.
According to the company's statement, its gold production for the third quarter of 2022 rose 20% to 738,000oz compared to 613,000oz in the third quarter of last year, underpinned by higher grades across most assets.
The company said that total cash costs increased to $966/oz in the third quarter of 2022, 4% higher than the $927/oz in the same period last year, with the improved operating performance partly offsetting both cost increases across several input categories, and lower by-product revenues.
All-in sustaining costs improved 6% year-on-year to $1,284/oz in the third quarter of 2022, from $1,362/oz in the third quarter of 2021.
The company's adjusted EBITDA increased 5% to $472m in the third quarter of 2022, from $448m in the third quarter of 2021, despite the lower gold price received.
AngloGold Ashanti also said it recorded free cash flow of $169m in the third quarter of 2022, versus $17m in the third quarter last year.
Importantly, the company's adjusted net debt was 14% lower year-on-year at $746m at 30 September 2022, after paying an interim dividend of $140m on 9 September 2022, compared to adjusted net debt of $871m at 30 September 2021.
The company pointed out it remains on track to meet guidance ranges for 2022, with total cash costs and total capital expenditure continuing to trend at the top end of guidance range.
"We continue to prioritize execution, efficiency and careful allocation of capital," commented CEO Alberto Calderon. "We are focused on regaining competitiveness versus our peers, and we still have some way to go before we will be satisfied."
AngloGold Ashanti, with its head office in South Africa, is an independent, global gold mining company with a diverse portfolio of operations, projects and exploration activities across nine countries on four continents. The company is the fourth largest gold producer globally and the largest on the African continent.
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