AngloGold Ashanti Ltd
XBER:AOD1
AngloGold Ashanti Ltd
AngloGold Ashanti Ltd., a titan in the glimmering world of gold mining, traces its illustrious roots back to the historic gold fields of South Africa. Born from a merger in 2004, AngloGold Ashanti amalgamated the richness of AngloGold Limited and the global outreach of Ashanti Goldfields Corporation. This alchemy forged a formidable entity, which today operates across four continents, extending from the emerald expanses of Brazil to the sun-kissed stretches of the African savannah. The company navigates the complex labyrinth of extraction, processing, and refining of gold with seasoned expertise, guided by a commitment to sustainability and ethical mining practices. At its core, AngloGold Ashanti extracts not just gold, but the hopes of generations, transforming raw ores into gleaming bars that enrich financial markets worldwide.
The alchemy of profit for AngloGold Ashanti is a sophisticated dance of scale and efficiency. The company capitalizes on its extensive portfolio, comprising both underground and open-pit mines. This diversity ensures a steady supply chain that is less vulnerable to geopolitical and environmental disruptions. By continuously investing in cutting-edge mining technology and optimizing its operations, AngloGold Ashanti maximizes output and minimizes cost, thus enhancing its margins. Their economic engine is further fueled by strategic exploration ventures and judicious portfolio management, including divestitures and acquisitions that align with its core strengths. At the end of this golden journey, the fruits of their labor not only benefit shareholders and industry stakeholders but also turn into developmental boons for local communities, ensuring that the wealth beneath the earth enriches lives above it.
AngloGold Ashanti Ltd., a titan in the glimmering world of gold mining, traces its illustrious roots back to the historic gold fields of South Africa. Born from a merger in 2004, AngloGold Ashanti amalgamated the richness of AngloGold Limited and the global outreach of Ashanti Goldfields Corporation. This alchemy forged a formidable entity, which today operates across four continents, extending from the emerald expanses of Brazil to the sun-kissed stretches of the African savannah. The company navigates the complex labyrinth of extraction, processing, and refining of gold with seasoned expertise, guided by a commitment to sustainability and ethical mining practices. At its core, AngloGold Ashanti extracts not just gold, but the hopes of generations, transforming raw ores into gleaming bars that enrich financial markets worldwide.
The alchemy of profit for AngloGold Ashanti is a sophisticated dance of scale and efficiency. The company capitalizes on its extensive portfolio, comprising both underground and open-pit mines. This diversity ensures a steady supply chain that is less vulnerable to geopolitical and environmental disruptions. By continuously investing in cutting-edge mining technology and optimizing its operations, AngloGold Ashanti maximizes output and minimizes cost, thus enhancing its margins. Their economic engine is further fueled by strategic exploration ventures and judicious portfolio management, including divestitures and acquisitions that align with its core strengths. At the end of this golden journey, the fruits of their labor not only benefit shareholders and industry stakeholders but also turn into developmental boons for local communities, ensuring that the wealth beneath the earth enriches lives above it.
Record Results: AngloGold Ashanti reported best-ever free cash flow of more than $1 billion in Q4 and $2.9 billion for 2025, over three times last year's figure.
Strong Dividends: The company paid a record $875 million dividend in Q4 and $1.8 billion for the full year, reflecting 50% of free cash flow and extra returns due to strong gold prices.
Operational Excellence: Production increased 16% to 3.1 million ounces, with cost control measures keeping cash costs flat in real terms for the fourth consecutive year.
Balance Sheet Strength: Turnaround from $567 million net debt at the end of 2024 to $879 million net cash by the end of 2025, with $4.4 billion in liquidity.
Growth Pipeline: Major progress at core assets, especially Obuasi and Sukari, and the Arthur gold project in Nevada, which declared a 4.9 million ounce reserve and targets further expansion.
2026 Guidance: Gold production guidance of 2.8–3.17 million ounces and managed operations cash costs of $1,335–$1,455/oz, reflecting inflation and higher royalties.
Shareholder Returns: Management emphasized ongoing strong payouts and flexibility, while buybacks remain under review.
Management
