AngloGold Ashanti has reported first quarter headline earnings of $203 million, driven by the higher gold price, as the Company continued its reinvestment programme aimed at completing the redevelopment of the Obuasi gold mine and adding new gold reserves across its portfolio.

Headline earnings of $203 million compare to $143 million, or 34 US cents per share, in the first quarter of 2020.

Adjusted net debt declined by 43% year-on-year to $908 million in the first quarter of 2021 from $1,606 million in the first quarter of 2020.

“We continue to make progress in delivering on our strategy,” Interim CEO Christine Ramon said. “Our balance sheet remains in a solid position and Obuasi is making steady progress to completion.”