AngloGold Ashanti Roars Back with Record Earnings

AngloGold Ashanti reported its second-quarter earnings on July 31st, exceeding expectations. The company produced 744,000 ounces of gold, a 7% decrease due to the sale of Serra Grande and a temporary safety suspension at Obuasi.

The total cash costs (TCC) rose 21% year over year to $1,480 per ounce, mainly due to inflationary pressures and higher royalties. The managed operations TCC increased by 20%, driven by higher fuel prices and royalties in Ghana and Tanzania.

Despite these challenges, the company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surged 46% year over year to $1.97 billion, outperforming the rise in gold prices. Free cash flow grew 36% to $727 million, while net cash flow from operating activities jumped 41% to $1.43 billion.

AngloGold Ashanti's average gold price received was $4,446 per ounce, a significant increase from $3,287 per ounce in the prior year quarter. The company declared dividends of $364 million for the second quarter, bringing total declarations for the first half of 2026 to $949 million.

Looking ahead, AngloGold Ashanti reaffirmed its annual gold production guidance of 2.8 million to 3.17 million ounces and annual AISC (All-in Sustaining Costs) guidance of $1,780 to $1,990 per ounce. The company is advancing its Nevada growth pipeline and has identified five core growth assets, Obuasi, Geita, Sukari, Siguiri, and Cuiaba, where organic initiatives could add between 10% to 15% to the current production profile within three years.