The South African gold producer AngloGold Ashanti (WKN A3EQAK) significantly strengthened its cash position in the third quarter of 2025 and confirmed its annual targets. The group increased free cash flow by 141% year-on-year to US$920 million and declared an interim dividend of 91 US cents per share (totaling approximately US$460 million).
At the same time, the balance sheet quality improved: As of September 30, the company transitioned from a net debt position to a net cash position of US$450 million. Liquidity stood at US$3.9 billion, of which US$2.5 billion was in cash. AngloGold Ashanti also confirmed its full-year 2025 outlook.
AngloGold Ashanti: Strong Metrics and Strengthened Balance Sheet
The robust earnings performance was driven by higher prices and stable costs. The average realized gold price rose to US$3,490 per ounce in the quarter (Q3/2024: US$2,486/oz). This translated into adjusted EBITDA of US$1.56 billion (+109% year-on-year) and headline earnings of US$672 million or US$1.32 per share. Operating cash flow climbed by 134% to US$1.42 billion.
Despite an inflationary environment, total cash costs remained unchanged in real terms; nominally, they increased to US$1,225 per ounce (+5% year-on-year). All-in Sustaining Costs (AISC) increased to US$1,720 per ounce (+6%), which, in addition to general cost increases, also reflects higher royalty-based charges due to the rising gold price.
Production: Broad Increase – Obuasi, Kibali, Geita, and Sukari as Drivers
At the group level, AngloGold Ashanti achieved gold production of 768,000 ounces in the third quarter (+17% year-on-year). Managed operations contributed 682,000 ounces (+16%), while non-managed joint ventures – particularly Kibali in the DRC – contributed an additional 86,000 ounces (+21%). Growth contributions include Obuasi (Ghana; production +30%), Geita (Tanzania; +6%), Cuiabá (Brazil; +6%), and the portfolio inclusion of Sukari (Egypt), which recorded its third consecutive quarterly increase. In contrast, production at Cerro Vanguardia, Iduapriem, and Serra Grande remained largely stable year-on-year; Australia and Siguiri delivered lower contributions.
Investments followed the plan: The group’s total Capex reached US$388 million (+32% year-on-year), of which Sustaining Capex was US$281 million (+24%). The increase is partly explained by the initial inclusion of Sukari (US$32 million) and measures for long-term asset integrity.
Dividend, Capital Discipline, and Growth Agenda
The interim dividend of 91 US cents per share comprises the minimum quarterly dividend of 12.5 US cents and an additional component. Given the strong cash inflows, the Board took the opportunity to make this adjustment already in the quarter. This brings the total dividends declared in 2025 to US$927 million.
In parallel, AngloGold Ashanti is investing in its mineral reserves base and operational flexibility. Particular focus is on the world-class Geita mine: Additional expenditures are intended to increase mineral reserves by approximately 60% within three years and extend the mine life to more than 10 years, with a target production of approximately 500,000 ounces/year. A conceptual study for the mill expansion to 1.0 Mt/year is also exploring the possibility of increasing annual production to approximately 600,000 ounces for at least a decade; the detailed feasibility study is expected to be completed by 2027.
Ultimately, AngloGold Ashanti thus combines short-term distributions with a medium- to long-term reinvestment strategy in exploration, reserve development, and resource conversion – particularly at sites with high geological potential. Conclusion: In Q3/2025, AngloGold Ashanti delivered a record quarter in cash generation, strengthened its balance sheet, and increased dividend payouts – while maintaining stable operational performance across several core mines. The gold market price increase is having an impact, while cost control and portfolio optimization secure margins. With the confirmed full-year 2025 outlook, a strong net cash position, and clear investment priorities – from Obuasi to Geita and Sukari – AngloGold Ashanti is focusing on continuous earnings power and the further development of its asset base.
