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Gold mining company AngloGold Ashanti has reaffirmed annual production guidance for 2023 after third-quarter gold production improved versus the second quarter, continuing the recovery from setbacks faced in the first and second quarters at its mines in Brazil and Guinea.

The New York- and Johannesburg-listed UK domiciled AngloGold, which has recorded no fatalities in the nine months to September 30, continued to build third-quarter momentum with a 3% increase in gold production versus the second quarter of the year.

Gold production rose to 673 000 oz in the third quarter of 2023 from 652 000 oz in the second quarter of 2023 mainly due to higher ore tonnes processed partly offset by lower overall recovered grades.

The three highest gold production gains quarter-on-quarter were from Africa, with Iduapriem up the 27%, Siguiri up 22% and Kibali reporting a 13% increase.

These increases in gold production quarter-on-quarter, which included South America's Serra Grande's 9%, again Africa's Geita at 6% and then Australia's Tropicana at 3%, were partly offset by were partly offset by a 19% lower production performance at Obuasi in Ghana, 13% lower production at AGA Mineração in Brazil, 5% lower production at Cerro Vanguardia in Argentina and 3% lower production at Sunrise Dam in Australia. Adjusting for the placement of Córrego do Sítio in Brazil in care and maintenance, gold production was up 5% quarter-on-quarter.

AngloGold has been taking steps to close the value gap with its international peers. These efforts involve initiatives to enhance cost-efficiency and extend the life of its mines while also prioritising safety, optimising cash flow, and ensuring the successful delivery of projects.

The primary listing migration to the NYSE was completed on September 25, to enable enhanced access to the world's largest capital market and improved positioning alongside the gold industry's most highly valued companies.

"Gold production has improved in the third quarter of 2023 and is expected to step up again over the remainder of the year, in line with our guidance," CEO Alberto Calderon stated in a media release to Mining Weekly.

"We continue the work across a number of fronts to enhance our competitiveness versus our peers; our corporate restructuring is complete, we've continued to sharpen our operational and project focus, and we're on track to deliver on our decarbonisation commitments," Calderon added.

As part of the approach to narrow management focus and direct its capital allocation to the Company's Tier One and Tier Two operating assets, as well as its high-return development projects, the process of placing the loss-making Córrego do Sítio mine in care and maintenance began during August 2023, and the sale of 50% indirect interest in the Gramalote project to B2Gold Corp was completed.

Studies related to AngloGold's first development in the Beatty Mining District in Nevada, USA, are advancing with disclosure earlier this year of an initial 8.4-million ounce of mineral resource and an initial exploration target of between six and eight million ounces from the Merlin deposit being reported.

A final investment decision for North Bullfrog is anticipated in 2024, once the appropriate permits have been received.

Furthermore, the decarbonisation programme has been advancing at the Geita site, in Tanzania, and at the Tropicana site, in Western Australia.

Preparation for connecting the mine site to the Tanzania grid, which has a high percentage of its power mix from renewable energy sources, is well advanced, while at the Tropicana project, works have commenced for the construction of a 62 MW wind and solar facility.

Additional salient points from the third quarter of 2023 include:

• Geita, which recorded improved gold production versus the prior quarter of 2023, being on track for a strong finish to the year with a production target of 500 000 oz.

• Kibal...