Production in the September quarter was 613,000 ounces, down by 18% year-on-year but flat versus Q2 and in line with expectations from analysts at BMO.

Volumes have fallen significantly year-on-year after the miner suspended production at its Obuasi mine in Ghana in May following a fatal accident. Obuasi resumed underground mining activities in mid-October 2021, with gold production from underground ore sources expected to re-start in January.

The company reported all-in sustaining costs of US$1362 per ounce, below BMO's forecast of $1422, but above Q3 2020 levels of $1006/oz. High labour costs, inflation, and COVID effects kept costs at elevated levels.

New CEO Alberto Calderon has prioritised reductions in all costs, improvements in operating and capital efficiencies and the implementation of a new operating model to ensure accountability and operational consistency and to enhance the company's positioning through the cycle.

"We must put in place the right foundation for long-term success, and the most crucial part of that is an operating model which prioritises efficiency, agility and accountability," he said.

"My immediate aim is to ensure that we have the right people, in the right places, making the right decisions, to provide better outcomes."

Adjusted EBITDA for the quarter rose 5% quarter-on-quarter to $448 million at a margin of 47%.

Operating cashflow was up 8% to $342 million.

AngloGold said production would come it at the lower end of its revised full year guidance figure of 2.45-2.6Moz, while costs are likely to be at the top end of AISC guidance of $1240-1340/oz.

In terms of other major recent developments, AngloGold announced that the Quebradona licence had been blocked on October 26.

The company said it would appeal the decision, and prepare a new application based on the outcome. It warned on Monday the new submission would likely add between 18-24 months to the licensing process.