AngloGold Ashanti Sees Higher Q2 Earnings Despite Mine Suspension

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.

The company generated $2 billion in EBITDA during the quarter, up 46% from the previous year, while headline earnings rose 58% to $1 billion. Basic earnings per share increased to $1.97 from $1.32 in the prior-year quarter.

Obuasi's suspension and the sale of Serra Grande affected production, but Chief Executive Officer Alberto Calderon said first-half production, excluding Serra Grande, was broadly stable year over year at about 1.5 million ounces.