JOHANNESBURG: AngloGold Ashanti on Monday joined other global gold miners in boosting payouts to shareholders after reporting a leap in annual earnings following a 25% increase in prices of the precious metal last year.

The miner declared a full-year dividend of 7.05 rand (48 US cents) per share, about five times the 2019 dividend of 1.65 rand (9 US cents) per share.

Headline earnings for the full-year 2020 were 238 US cents per share, more than double the 91 US cents per share reported in 2019.

AngloGold, which has gold mines in Ghana, Tanzania, and Democratic Republic of Congo as well as Argentina, Australia, and Colombia, said earlier this month it expected earnings to almost triple.

Production fell 7% in 2020 to 3.047 million ounces from 3.281 million ounces due to the COVID-19 pandemic, the sale of the remaining South African assets to Harmony Gold, as well as the sale of the Sadiola and Morila mines in Mali.

All-in sustaining costs increased 6.1%, from $998 per ounce to $1059 per ounce. Most of that cost increase was due to the pandemic, AngloGold said.