AngloGold’s Record Cash Flow Fueled by Strong African Operations

AngloGold Ashanti has achieved a remarkable milestone in its third quarter of 2025, reporting a record $920 million in free cash flow, an impressive 141 percent increase compared to the same period last year. This performance underscores the company’s operational strength and the strategic value of its African portfolio, particularly its flagship assets in Ghana and Tanzania. The results not only highlight AngloGold’s resilience in a volatile commodities market but also its ability to capitalize on rising gold prices and sustained production growth across its key mines.

The Obuasi Mine in Ghana was a major contributor to this success, posting a 23 percent year-on-year rise in recovered grade, which significantly enhanced overall productivity and profitability. Meanwhile, consolidated gold production across AngloGold’s operations rose by 17 percent to reach 768,000 ounces during the quarter. These operational gains were further supported by an average gold price of $3,490 per ounce, a factor that boosted profit margins and allowed the company to generate substantial free cash flow.

In Tanzania, the Geita Mine emerged as another growth driver, with AngloGold announcing plans to expand its resource base by 60 percent through new investments. The company’s proposed 1-million-tonne-per-annum mill expansion at Geita is expected to elevate its annual output to around 600,000 ounces, strengthening its production outlook and reinforcing Tanzania’s role as a cornerstone of AngloGold’s African operations. Reflecting confidence in its financial position, AngloGold also declared an interim dividend of $0.91 per share, ensuring that shareholders benefit directly from the company’s record performance.

The sustained success of AngloGold’s African mines reaffirms the continent’s importance in the global gold mining landscape. Africa’s rich geological potential, coupled with improving operational efficiency and reinvestment strategies, positions AngloGold Ashanti for continued growth and long-term value creation. This development is likely to spur further investment in African mining infrastructure and exploration, potentially transforming regional economies and reinforcing the continent’s role as a leading hub for gold production.

Mini-Glossary

• Free cash flow: The cash a company generates after accounting for capital expenditures, used to pay dividends or reinvest.
• Recovered grade: The amount of gold extracted per tonne of ore processed, indicating mine efficiency.
• Consolidated gold production: The total gold output from all of a company’s mining operations.
• Reserve increase: Expansion of a mine’s proven and probable gold resources, extending its lifespan and value.
• Dividend: A portion of a company’s earnings distributed to shareholders as a reward for their investment.