One theme that has been emerging in AngloGold Ashanti's results is the improbable recovery of its Obuasi mine in Ghana, which a few years ago was overrun by an army of illegal mine workers. It remains an inspiring story in west Africa, a challenging region fraught with social and political risk.

Obuasi remains the comeback kid in AngloGold's portfolio. It's simply, and improbably given its troubled recent history, shooting the lights out.

"Obuasi will give us upwards of 400,000 ounces a year over more than two decades and costs at or near the lowest quartile. It's a game-changer for an asset that was on the brink of closure a few years ago," CEO Alberto Calderon said on a conference call with journalists after AngloGold unveiled its interim results on Friday.

Gold production at the mine rose 29% for the six months ended 30 June 2023 to 117,000 ounces compared with 91,000 ounces in the corresponding period last year. Significantly, total cash costs also fell 7.5% to $1,020 an ounce from $1,102.

"Gold production was higher year on year mainly due to a continued ramp-up of the mine with a 23% year-on-year increase in underground tonnes processed complemented by a 7% year-on-year increase in underground grades mined. Total cash costs per ounce were lower year on year mainly due to higher gold production and favourable ore stockpile inventory movements," said AngloGold.

To put this in context, AngloGold's production overall spiked nicely in the second quarter (Q2) of the year compared with Q1...