AU - AngloGold's 2021 profit falls on lower ooutput higher costs but beats estimates

AngloGold Ashanti (AU +1.2%) trades higher after reporting a 38% decline in full-year profit to $622M from $1B in 2020 but coming in ahead of the $601M analyst consensus estimate, while FY 2021 revenues fell 9% Y/Y to $4.03B, also above consensus for $3.9B. AngloGold said FY 2021 gold production fell 12% to 2.47M oz, citing a temporary halt to operations at its key Obuasi mine because of an accident, while all-in sustaining costs shot up 31% to $1,355/oz; the company's realized gold price remained roughly flat from a year earlier. Costs were higher "mainly due to lower gold production, the drawdown of ore stockpiles at certain operations, higher operating costs and inflationary pressures," AngloGold said. For FY 2022, AngloGold forecasts production of 2.55M-2.8M oz of gold as production at Obuasi gradually recovers. AngloGold also said its chief operations officer for Africa, Sicelo Ntuli, is leaving the company as part

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AngloGold's 2021 profit falls on lower ooutput, higher costs but beats estimates