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AngloGold Ashanti (NYSE:AU) -5% in Tuesday's trading after reporting a $46M headline net loss for FY 2023, compared with a restated headline profit of $489M in the previous year.
The miner restated its financial statements for 2022, which it said "contained an error related to the reported amount of the deferred tax asset with regard to the Obuasi mine" in Ghana.
AngloGold (AU) attributed last year's loss to lower gold sales, corporate restructuring costs, and higher environmental provisions, as well as costs of job cuts, care and maintenance at Córrego do Sítio in Brazil, which was idled last August.
For FY 2024, the company said it expects to meet its gold production target of as much as 2.79M oz, despite flooding at the Tropicana mine in Australia.
While AngloGold (AU) expects Tropicana's gold production will be affected during this year's H1, it believes any decrease will be largely recovered in H2.
Mining operations at Tropicana - which is 70% owned by AngloGold (AU) and contributed 310K oz, or 12% of the company's total FY 2023 production - have been restricted this month by heavy rains and flooding, while the processing plant is treating stockpiled ore at a reduced throughput rate, the company said.