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Gold production fell 7% year-on-year in the first quarter to 588,000 ounces - 11% below consensus estimates - with COVID curbing output at its assets in Brazil and Argentina by about 4000oz.
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The company reported lower grades and throughputs as it focused on waste stripping and underground development while utilising stockpiled material.
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The production result missed RBC Capital Markets' forecast by 12%.听
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RBC has also downgraded AngloGold's 2021 production and EBITDA forecasts by 4% and 3% respectively, although AngloGold reiterated its production guidance figures for the year.
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Total cash costs rose 29% to $999/oz in Q1 - 10% higher than RBC's estimate - which the miner blamed on lower grades and drawing down on ore stockpiles at some operations plus inflationary pressures.听
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The JSE-listed miner reported headline earnings of US$203 million or 48c per share - driven by the higher gold price.听
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Adjusted EBITDA increased by 3% to $449 million but missed RBC's forecast by 15%.
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AngloGold also slashed net debt by 43% year-on-year to $908 million during the quarter.听
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Interim chief executive Christine Ramon said the company's strategy to boost investment in brownfield exploration was on track and the redevelopment of Obuasi is "making steady progress" and was 97% complete at the end of March.听
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Obuasi production rose 53% quarter-on-quarter in Q1 to 46,000oz.
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Analysts at BMO Capital Markets pointed to a feasibility study for its Quebradona project in Colombia - due in August 2021 - as the next key catalyst for the company.
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The bank also downgraded AngloGold's target price by $1 to $22.听
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AngloGold dropped 2% on Monday in New York to $22.63.
