AngloGold Ashanti Boosts Q2 Earnings Amid Stronger Gold Prices

AngloGold Ashanti reported higher second-quarter earnings and cash flow as stronger gold prices offset inflation, fuel costs, currency effects, and a temporary operational suspension at its Obuasi mine.

Chief Executive Officer Alberto Calderon said the company generated $2 billion in EBITDA during the quarter, up 46% from a year earlier. Headline earnings rose 58% to $1 billion, and basic earnings per share increased to $1.97 from $1.32.

The suspension of operations at Obuasi affected second-quarter production, but Calderon said first-half production, excluding Serra Grande, was stable year over year at about 1.5 million ounces. The company expects Obuasi to operate at a normalized run rate and produce 150,000 ounces in the second half.