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A steady start to the year for AngloGold

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AngloGold Ashanti has closed the books on the first quarter of 2024, recording steady gold production.

The miner reported a 2 per cent year-on-year increase in first quarter gold production, despite the impact of rains and flooding in Western Australia in March.

“The area in which the Tropicana gold mine is located received more than 350mm of rain in a 72-hour period from March 9, almost 50 per cent higher than its average annual rainfall,” AngloGold Ashanti said.

“However, mining from the open pits remains restricted until surface water is cleared through pumping and evaporation. There have been no safety incidents during this period and the mine infrastructure remains sound.”

While the adverse weather contributed to a drop of about 15,000 ounces in production, AngloGold finished the quarter with gold production sitting at 581,000 ounces, compared to 572,000 ounces in 2023.

AngloGold is expecting gold production to be at its highest in the fourth quarter of 2024.

“This is a good start to the year, with another strong safety result and a good overall performance from the portfolio,” AngloGold chief executive officer Alberto Calderon said.

“We’re seeing greater consistency from most of our operations; in Brazil, both sites have shown significantly better performance, with greater production control and stability. Geita and Kibali were strong again, and Obuasi’s ramp-up remains on track.”

In safety news, AngloGold recorded zero fatalities at mines operated by the company in the first three months of 2024, for the eleventh consecutive quarter.

The company’s total recordable injury frequency rate sat at 1.08 injuries per million hours worked during the first quarter of 2024, compared to the most recent average in 2022 of 2.66 for members of the International Council on Metals & Minerals.


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