AngloGold announces record shareholder payouts amid soaring gold prices

AngloGold Ashanti announced its highest payout to shareholders ever in 2025 after free cash flows tripled to a record $2.9 billion (R46.8bn), as the gold price surged.

AngloGold’s share price shot up 4.64% on the JSE Friday afternoon to R 1 791.02 per share, this after the price has steadily ratcheted upwards from only R309.20 five years ago.

The company generated commentary on “X” among the investment community on Friday, with, for instance, Finsee (@Finsee_main) writing: “AngloGold Ashanti delivered a financial masterclass in Q4, driven almost entirely by historic surge in gold prices….”

Polistocks Alerts (@PolistocksAlerts) wrote: “Record dividend! AngloGold Ashanti reports record free cash flow and highest ever dividend payout for 2025, boosting shareholders' returns and showing strong financial health.”

Repentant Republican (@CarswellWilliam) wrote: “AngloGold Ashanti declares $1.73 interim dividend. Nice payout!”

Group production increased 16%, costs were flat, and adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) more than doubled to $6.3bn from $2.7bn in 2024.

A fourth-quarter interim dividend of $875 million, or 173 cents per share, brought total dividends for 2025 to $1.8bn, or 357 US cents per share. In 2024, the dividend was a modest US 22 cents.

Guidance was met on gold production and sustaining capital expenditure on the gold mining assets that span three continents.

“We focused on safety, operational excellence, and consistency of execution. This allowed us once again to safely meet production guidance, control costs better than most of the industry, and consequently deliver record earnings and dividends,” said CEO Alberto Calderon in a statement.

Total cash costs per ounce of $1 242/oz in 2025 were up 7% year-on-year, due to higher royalty costs ($67/oz) driven by a 46% rise in the average gold price received per ounce of $3 468/oz.

Portfolio optimisation through acquisitions and divestitures continued to add value, he said.

“The Centamin acquisition is proving a great addition to our portfolio. In Nevada, we complemented our exploration findings with three acquisitions over the last few years, enabling us to create one of the most exciting new gold projects in the US,” he said.

Non-core assets sold included the ABC and Doropo projects in Côte d’Ivoire, and most recently Serra Grande (MSG) in Brazil.

On strategy, execution, Calderon said the group captured synergies and Sukari’s integration into the portfolio; Obuasi’s ramp-up schedule was delivered; a more competitive dividend policy was introduced with a quarterly payout schedule; and the group was admitted to the Russell equity indexes for greater liquidity and visibility among US investors.

At December 31, the total group gold mineral reserve was 36.5 Moz, a 17% increase from 31.2 Moz at December 31, 2024.

Gold production increased 16% year-on-year to 3.1 Moz in 2025 from 2.7 Moz in 2024, mainly reflecting the first full-year production from Sukari in Egypt and improved operational performance at certain assets in the portfolio.

The balance sheet ended the year strong, even after record dividend payments, with an adjusted net cash position of $879m at December 31, 2025, compared with adjusted net debt of $567m at the end of 2024.

During the year, $2.66bn was paid by the group to host governments in various forms, including direct and indirect taxes, royalties, dividends, profit share arrangements, and taxes on employee payrolls. This was more than double the amount paid in 2024.

Gold production was mainly driven by year-on-year production improvements at Obuasi (+20%), Siguiri (+6%), Geita (+2%), Cerro Vanguardia (+2%), and AGA Mineração (Cuiabá) (+1%), as well as the first full-year contribution from Sukari (500 koz).

These increases were partly offset by lower gold production contributions from Iduapriem (-16%), Sunrise Dam (-10%), Serra Grande (-34%), Tropicana (-3%), and Kibali (-2%).

Total capital expenditure rose to $1.6 billion in 2025, up 32%. This reflected the first full-year inclusion of Sukari and investment to support asset integrity and operational resilience.

A first-time Merlin gold mineral reserve for the Arthur Gold Project totalling 4.9 Moz was declared. The pre-feasibility study supported an initial nine-year mine life with an estimated average annual production of about 500 000 oz. Project capital expenditure was forecast at $3.6 billion.

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