AngloGold Ashanti Gold production increases by 22%
London, Denver, Johannesburg – AngloGold Ashanti has reported a sevenfold increase in free cash flow and an almost eightfold rise in profit in Q1 2025 compared to Q1 2024, underpinned by higher gold production, effective cost management, and a stronger gold price.
The Company generated $403m in free cash flow in Q1 2025, representing a 607% year-on-year increase from $57m in Q1 2024. This performance was supported by a 28% rise in gold production from managed operations year-on-year, primarily driven by the first-time contribution from the recently acquired Sukari Gold Mine in Egypt and solid output improvements at both Siguiri and Tropicana. The average gold price received per ounce increased to $2,874/ oz in Q1 2025, up from $2,063/oz in Q1 2024.
“This is a very strong start to the year, particularly at our managed operations(1),” said CEO Alberto Calderon. “We’ve seen strong growth in production with the addition of Sukari and our cost control efforts continue to offset inflation, which has ensured that we capture the benefit of the higher gold price.”
AngloGold Ashanti remains committed to closing the valuation gap with its North American peers by driving continuous improvements in operating performance, enhancing cash conversion, extending life-of-mine, and maintaining a disciplined approach to capital allocation. The company continues to actively manage its portfolio, with the sale earlier this week of the Doropo and ABC Projects in Ivory Coast as it seeks to sharpen focus on its existing operations and projects in the United States.
Gold production for the Group increased substantially by 22% year-on-year to 720,000oz in Q1 2025, up from 591,000oz in Q1 2024. The strong uplift reflects the first full-quarter contribution of 117,000oz from Sukari, Egypt’s largest gold mine, and a notable uplift in consistency and reliability across the legacy portfolio. This broad-based operational strength highlights the Group’s success in integrating its newest asset and driving productivity gains across its established operations.
Year-on-year gold production improvements were achieved for the Group(1)(2) in Q1 2025 at Siguiri (+32koz), Tropicana (+21koz), Cerro Vanguardia (+5koz), Sunrise Dam (+5koz), Geita (+2koz), and a steady contribution from Obuasi, as well as the introduction of Sukari into the portfolio. These increases were partly offset by lower gold production contributions year-on-year in Q1 2025 from Iduapriem (-22koz), Kibali (-13koz), Serra Grande (-11koz) and AGA Mineração (-7koz).
AngloGold Ashanti reaffirms its full-year 2025 guidance. Gold production for the Group is forecast to range between 2.900Moz and 3.225Moz in 2025. Total cash cost per ounce for the Group is forecast to range between $1,125/oz and $1,225/oz in 2025 and AISC per ounce for the Group is forecast to range between $1,580/oz and $1,705/oz in 2025. Total capital expenditure for the Group is expected to be between $1,620m and $1,770m in 2025.
