AngloGold Ashanti reported significant financial and operational improvements in its first quarter 2025 results, with free cash flow increasing more than sixfold compared to the same period last year.
The gold mining company attributed its performance to increased production, cost management measures, and favorable market conditions.
The company generated $403 million in free cash flow during the quarter, up from $57 million in the first quarter of 2024. Gold production rose 22 percent to 720,000 ounces, driven largely by contributions from the recently acquired Sukari Gold Mine in Egypt. AngloGold Ashanti’s average realized gold price increased to $2,874 per ounce, compared to $2,063 per ounce in the prior year period.
Chief Executive Officer Alberto Calderon noted the strong operational performance across managed assets, particularly highlighting production improvements at Siguiri and Tropicana mines. “Our focus on operational efficiency and disciplined cost management has allowed us to capitalize on the stronger gold price environment,” Calderon said in a statement accompanying the results.
Financial metrics showed substantial year-over-year growth, with adjusted earnings before interest, taxes, depreciation and amortization rising 158 percent to $1.12 billion. The company’s balance sheet strengthened as adjusted net debt decreased by 60 percent to $525 million.
AngloGold Ashanti maintained its full-year production guidance of 2.9 to 3.2 million ounces of gold. The company expects all-in sustaining costs for 2025 to range between $1,580 and $1,705 per ounce. Capital expenditures are projected at $1.62 to $1.77 billion for the year.
The board declared an interim dividend of 12.5 U.S. cents per share under its new dividend policy, which targets a 50 percent payout of annual free cash flow. The policy includes a base dividend of $0.50 per share annually, with potential supplemental payments based on annual performance.
The results reflect AngloGold Ashanti’s ongoing efforts to optimize its portfolio, including recent divestments of non-core assets in Ivory Coast. The company continues to focus on operational improvements and cost control measures across its global operations.
The strong quarterly performance comes amid a period of elevated gold prices and increased investor interest in precious metals. Industry analysts note that major producers like AngloGold Ashanti stand to benefit from current market conditions while maintaining disciplined capital allocation strategies. The company’s ability to deliver production growth while controlling costs positions it well in the current commodity cycle.
