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Gold production for the six months is expected to amount to 1.469Moz, down 5.5% from the same period in 2019, the company said in a trading statement on Monday.
BMO analyst Raj Ray said production levels were higher than expected, although earnings per share of between US94-99c were below expectations.
AngloGold said headline earnings for the six months to June 30 were expected to be $392-416 million, up from $120 million last year.
Total basic earnings from continuing and discontinued operations are expected to be $410-432 million, up from $114 million.
The company said its performance "was supported by strong second-quarter performances from Geita, Iduapriem and Serra Grande, as well as steady production from Kibali and AGA Mineracao".
AngloGold previously withdrew its 2020 guidance range of 2.65-2.87Moz after COVID-19 struck, but Ray said based on the latest results, it was on track to meet the target.
Despite the largely positive announcement, AngloGold said the ramp up of its Obuasi mine "was impacted by the delays in receiving equipment and in the arrival of certain critical skills to site due to COVID-19".
AngloGold gave no update on when the sale of its South African assets might close, but Ray said he expected the company to provide clarity on the topic at its full H1/20 financial and operating results on August 7.
AngloGold's Australian CDIs jumped 8.9% yesterday to A$9.99.
