AngloGold Ashanti's Resilient First Quarter of 2024: Navigating Challenges for Steady Gold Production and Safety Success

AngloGold Ashanti has wrapped up its first quarter of 2024, marking consistent gold production despite challenges.

Despite heavy rains and flooding in Western Australia in March, the miner reported a 2 percent year-on-year increase in gold production for the first quarter. The Tropicana gold mine area received an unprecedented 350mm of rain over 72 hours, nearly 50 percent above its average annual rainfall. This led to restricted mining from open pits until surface water could be cleared through pumping and evaporation. Fortunately, there were no safety incidents, and the mine infrastructure remained intact.

Despite the adverse weather's impact, production dropped by about 15,000 ounces, with AngloGold closing the quarter at 581,000 ounces compared to 572,000 ounces in 2023. The company anticipates peak gold production in the fourth quarter of 2024.

Alberto Calderon, AngloGold's CEO, expressed satisfaction with the year's outset, highlighting strong safety performance and overall portfolio success. Operations in Brazil saw improved performance, particularly in production control and stability. Geita and Kibali also performed well, while Obuasi's ramp-up progressed as planned.

In safety achievements, AngloGold recorded no fatalities at its mines for the eleventh consecutive quarter. The company's total recordable injury frequency rate for the first quarter of 2024 stood at 1.08 injuries per million hours worked, notably lower than the International Council on Metals & Minerals' most recent average of 2.66 injuries in 2022.