Higher production helps AngloGold Ashanti fight inflation

A small toy figure and gold imitation are seen in front of the AngloGold Ashanti logo in this illustration taken November 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

JOHANNESBURG, Nov 3 (Reuters) – Gold miner AngloGold Ashanti (ANGJ.J) posted a 20% jump in third-quarter production on Thursday, helping it bring costs down by 6% from the same period a year earlier.

AngloGold, which mines in Argentina, Australia, Brazil, Democratic Republic of Congo, Ghana, Guinea and Tanzania, produced 738,000 ounces of gold in the September quarter, boosting earnings by 5% to $472 million.

The miner said higher gold content in mined ore and efficiency gains helped offset the impact of rising inflation. Price increases for fuel and reagents used to process ore have eaten into earnings for many mining companies.

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