AngloGold Ashanti: Momentum continued at managed operations
Gold production for the AngloGold Ashanti Group increased by 21% year-on-year to 804,000oz in Q2 2025, up from 663,000oz in Q2 2024. This growth reflects the contribution from Sukari and improved performances at key assets, including Obuasi (+31%), Geita (+20%), Cerro Vanguardia (+7%), Cuiabá (+6%) and Siguiri (+6%). The TRIFR improved 17% year-on-year to a record low of 0.80 injuries per million hours worked in Q2 2025 versus 0.96 in Q2 2024.
Managed operations drove the outperformance for Q2 2025, with gold production up 25% year-on-year to 729,000oz, compared to 581,000oz in Q2 2024. The increase was partially offset by lower output from non-managed joint ventures(1), which declined 9% year-on-year to 75,000oz, mainly due to lower tonnes processed and lower grades at Kibali.
Production improvements were led by Geita, which continues to deliver consistently strong operating results, and Obuasi, where the ramp-up of underhand drift-and-fill mining (“UHDF”) progressed on schedule, supporting the 21% year-on-year increase in grade. Siguiri, Cerro Vanguardia, and Cuiabá also posted modest gains. These were partly offset by declines at Iduapriem, Serra Grande and Tropicana, while Sunrise Dam held broadly steady.
Total cash costs for the Group(1)(2) increased by 8% year-on-year to $1,226/oz in Q2 2025 from $1,137/oz in Q2 2024, while all-in sustaining costs (“AISC”) rose 7% to $1,666/oz in Q2 2025, from $1,560/oz in Q2 2024.
For managed operations, total cash costs rose 6% year-on-year to $1,241/oz in Q2 2025 from $1,171/oz in Q2 2024, while AISC rose 4% to $1,694/oz in Q2 2025 from $1,626/oz in Q2 2024.
These increases were driven primarily by a 28% increase in sustaining capital expenditure*, inflationary cost pressures of approximately 5%, and a $60/oz average increase in the overall royalty charge linked to the higher gold price. These factors were partly offset by higher gold sales volumes.
Total capital expenditure for the Group rose to $381m in Q2 2025, up 33% year-on-year from Q2 2024, with sustaining capital expenditure increasing 28% year-on-year to $273m. The increase in sustaining capital expenditure reflects the inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with strategic priorities.
Reaffirming guidance
Full-year 2025 guidance remains unchanged. AngloGold Ashanti remains focused on maintaining gold production and cost guidance for the full year and is executing on its strategic priorities, including enhancing margins, extending mine lives, and maintaining capital discipline.
