By Christian Moess Laursen

Anglogold Ashanti said Tuesday that it expects headline earnings and headline earnings per share to drop in the first half of 2023.

The South African gold miner said it expects to report first-half headline earnings between $125 million and $155 million, with headline earnings per share between 30 cents and 37 cents, a fall of between 48% and 58% compared with the year-prior period.

The expected fall is mainly due to a higher non-cash environmental provision of $38 million net of tax following new legislation in Brazil, as well as the continued impact of inflation which hit operating costs by about $111 million, the company said.

Basic earnings is expected to be between $25 million and $54 million, resulting in basic earnings a share between 6 cents and 13 cents, which compares with $298 million and 71 cents a year prior.

Gold production for the period is expected to rise to 1.24 million ounces from 1.23 million ounces a year prior due to increased production from several mines, as well as higher grades recovered.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

August 01, 2023 09:17 ET (13:17 GMT)

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