AngloGold Ashanti Reports Strong Earnings Growth, Free Cash Flow Nears $1 Billion in 2024
AngloGold Ashanti plc (AGA) has reported significant year-on-year improvements in earnings and free cash flow for 2024, driven by strong cost control measures and record gold production in the fourth quarter.
The company’s free cash flow surged to $942 million in 2024, up from $109 million in the previous year. Adjusted EBITDA rose by 93% to $2.75 billion, reflecting higher revenues and disciplined capital management.
“The significant growth in free cash flow—to almost a billion dollars in 2024—is a result of our focus on operational efficiency and cost control, allowing us to capitalize on a strong gold price,” said CEO Alberto Calderon. “With a robust balance sheet and continued investment in the business, we are in a position to enhance shareholder returns through a more generous dividend policy.”
Stronger Earnings, Higher Dividend
- Headline earnings reached $954 million (221 US cents per share), reversing a $46 million loss (11 US cents per share) in 2023.
- The average gold price received rose 24% to $2,394/oz, up from $1,930/oz in 2023.
- Interim dividend of $347 million (69 US cents per share) declared for H2 2024, bringing the total 2024 payout to $439 million (91 US cents per share).
- Gold production increased to 750,000oz in Q4 2024, including 40,000oz from the newly acquired Sukari mine, compared to 738,000oz in Q4 2023.
Despite inflationary pressures, cost increases remained moderate. Total cash costs per ounce rose 9% to $1,144/oz in Q4 2024, while All-In Sustaining Costs (AISC) increased 3% to $1,647/oz.
2025 Outlook
Following the successful integration of Sukari, AngloGold Ashanti has provided its 2025 production guidance, forecasting:
- Gold output between 2.90Moz and 3.23Moz
- Total cash costs between $1,125/oz and $1,225/oz
- AISC between $1,580/oz and $1,705/oz
- Capital expenditure between $1.62bn and $1.77bn
The company remains focused on enhancing operational efficiency and shareholder returns as it enters 2025 with a strengthened financial position.
