AngloGold’s earnings benefit from strong production growth
Gold miner AngloGold Ashanti, with a portfolio of ten operating assets across three continents, delivered record free cash flow of $2.9-billion in 2025 on the back of strong production growth, continued cost discipline and a higher average gold price received per ounce.
The company announced an interim dividend of $875-million for the fourth quarter 2025, taking the total payout declared for 2025 to $1.8-billion, its highest ever.
AngloGold Ashanti again achieved guidance on gold production and sustaining capital expenditure.
“We continued to focus on safety, operational excellence and consistency of execution. This allowed us once again to safely meet production guidance, control costs better than most of the industry and consequently deliver record earnings and dividends,” says CEO Alberto Calderon.
“We delivered growth and kept costs flat in real terms, which translated into record earnings, cash flow and dividends,” he highlights.
Total cash cost per ounce for the group was $1242/oz in 2025, up 7% year-on-year primarily owing to higher royalty costs ($67/oz) driven by an average gold price received of $3468/oz.
Despite this increase, the company maintained a disciplined performance.
Total cash costs per ounce for managed operations were flat year-on-year in real terms.
Gold production for the group increased 16% year-on-year to 3.1-million from 2.7-million ounces, mainly reflecting the first full-year production contribution from the Sukari mine, in Egypt, and improved operational performance at certain assets in the portfolio.
The average gold price received rose 45% year-on-year to $3468/oz from $2394/oz.
Higher revenues translated directly into record cash flow and earnings, supported by continued focus on operational efficiency, working capital discipline and cost leadership.
Adjusted earnings before interest, taxes, depreciation and amortisation increased 129% year-on-year to a record $6.3-billion from $2.7-billion in 2024, while free cash flow rose 204% to $2.9-billion from $1-billion, as alluded to.
The increase in the average gold price received per ounce translated into a 143% rise in net cash flow from operating activities.
In terms of portfolio optimisation, AngloGold highlights the benefits of the Centamin acquisition to its portfolio.
Moreover, in Nevada, it complemented exploration findings with three acquisitions over the last few years, enabling a new gold projects in the US.
AngloGold has also focused on selling noncore assets to improve focus on its core portfolio, including the ABC and Doropo projects, in Côte d’Ivoire, and most recently Serra Grande, in Brazil.
The company delivered on key strategic initiatives: capturing synergies and Sukari’s integration into the portfolio; delivery of Obuasi’s ramp-up schedule; a more competitive dividend policy with a quarterly payout schedule; and admission to the Russell equity indexes, for greater liquidity and visibility among US investors.
At period end, the total group gold mineral reserve was 36.5-million ounces, a 17% increase from 31.2-million ounces the prior year.
The total group gold measured and indicated mineral resource was 68-million ounces and total group gold inferred mineral resource was 49.3-million ounces.
Looking ahead, gold production for the group is forecast to range between 2.8-million and 3.17-million ounces this year.
Total cash cost per ounce is expected to be between $1315/oz and $1430/oz.
The all-in sustaining cost is anticipated to be between $1780/oz and $1990/oz.
