AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025
Gold mining giant, AngloGold Ashanti Plc, has more than doubled its earnings and free cash flow in the second quarter of 2025, driven by a 21% rise in gold production, disciplined cost controls, and a sharp increase in gold prices, the company has announced.
According to the company’s Q2 2025 results, free cash flow rose by 149% year-on-year to $535 million, compared to $215 million in the same period in 2024.
The surge in free cash flow was underpinned by an impressive operational performance at the miner’s managed assets, including strong output from its Obuasi mine in Ghana and the Geita mine in Tanzania, as well as the integration of the Sukari gold mine in Egypt.
AngloGold Ashanti reported that its average gold price received per ounce increased to $3,287/oz, from $2,330/oz a year earlier, representing a 41% jump.
Commenting on the Group’s performance, CEO Alberto Calderon noted that the results reflect the firm’s strategic focus on production growth and cost efficiency.
“This is another strong result that again demonstrates our focus on cost control and the positive momentum we’re building across the business,” said Calderon. “We’re reaping the benefit of consistent production and cash flow growth, supported by disciplined capital allocation.”
The Group’s Total Recordable Injury Frequency Rate (TRIFR) stood at 0.80 injuries per million hours worked, a 17% improvement year-on-year and below global industry averages — reinforcing its commitment to safety.
Dividend payout and balance sheet boost
In a sign of confidence in its financial outlook, AngloGold Ashanti declared an interim dividend of 80 US cents per share for the second quarter. This includes the company’s minimum quarterly dividend of 12.5 cents, with the remainder being a discretionary ‘true-up’ reflecting 50% of free cash flow for the first half of 2025.
While the dividend policy typically applies the 50% payout at year-end, the Board opted for a mid-year payment given the robust cash flows and earnings recorded.
The miner also significantly strengthened its balance sheet, with adjusted net debt declining by 92% to $92 million, and its net debt-to-adjusted EBITDA ratio falling to 0.02x, down from 0.62x in Q2 2024.
Adjusted EBITDA more than doubled, increasing 111% to $1.44 billion, while headline earnings rose 151% to $639 million, or $1.25 per share, up from $255 million ($0.60 per share) in the same period last year.
Portfolio optimisation continues
AngloGold Ashanti continues to optimise its portfolio, having completed the sale of its ABC and Doropo projects in Côte d’Ivoire in May, and announcing in June the planned sale of its Serra Grande mine in Brazil.
The company is also consolidating its presence in Nevada’s Beatty District, with the proposed acquisition of Augusta Gold, which is expected to enhance the Group’s long-term development plans in what it describes as “the most significant emerging gold district in the US.”
With total liquidity of $3.4 billion, including $2.0 billion in cash and cash equivalents, the company says it remains well-positioned to continue investing in growth, shareholder returns, and further balance sheet strengthening.
