UK AngloGold Ashanti reported a sharp rise in earnings and free cash flow in the second quarter of 2025 (Q2 2025), more than doubling its performance compared to the same period last year. The surge was primarily driven by a 25% year-on-year increase in gold production, reaching 804,000 ounces (oz) from managed operations at Egypt’s Sukari Gold Mine, alongside strong operational results from key assets in Ghana and Tanzania.
In Egypt, the company recorded an increase in gold production from the Sukari gold mine amounting to 129,000oz in Q1 2025, compared to 120,00oz during the same period last.
In addition, the mine performed in line with expectations, delivering gold production of 246,000oz in the first half of 2025 (H1 2025), up from 225,000oz in H1 2024, at a total cash cost of $750 per ounce.
Gold production at the Sukari mine rose by 9% year-on-year in H1 2025 compared to H1 2024, driven primarily by higher float feed grades and improved plant recoveries, partially offset by lower milled tonnage due to the mill reline being brought forward, the company said.
“This is another strong result that again demonstrates our focus on cost control and the positive momentum we are building across the business,” said CEO Alberto Calderon. “We’re reaping the benefits of consistent production and cash flow growth, supported by disciplined capital allocation.”
The company reported a 151% year-on-year surge in headline earnings, reaching $639 million in Q2 2025, up from $255 million in Q2 2024. Free cash flow also jumped by 149% YoY to $535 million, compared to $215 million a year earlier.
Net cash inflow from operating activities climbed to $1.02 billion in Q2 2025, marking a 142% YoY increase from $420 million in Q2 2024. The average gold price received per ounce rose significantly to $3,287, up from $2,330 in the same period last year.
In July 2025, AngloGold, the Mineral Resources and Mining Industries Authority (MRMIA), and the Egyptian Minister of Petroleum and Mineral Resources signed a new Model Mining Exploitation Agreement (MMEA), covering the exploration license held by Centamin Central Mining S.A.E. The license will be issued as a special law and signed by the relevant parties in Q4 2025.
In May, the company completed the sale of its Archean-Birimian Contact (ABC) and Doropo exploration assets in Côte d’Ivoire. A month later, it announced plans to divest the Serra Grande mine in Brazil.
At the same time, AngloGold Ashanti ramped up development activities in Nevada’s Beatty District, including a proposed acquisition of Augusta Gold. The move aims to strengthen the company’s foothold in one of the most promising emerging gold regions in the US and support the rollout of a unified regional development strategy.
