JOHANNESBURG (miningweekly.com) – “It has been a unprecedented interval by any measure,”was the outline of AngloGold Ashanti CEO Alberto Calderon of his firm’s first-half efficiency when he offered second-quarter (Q2) outcomes of 46%-higher earnings to $2-billion and 36%-higher free money movement to $727-million.
Concerning the half yr, Calderon remarked: “We in all probability had the perfect Ebitda progress year-on-year of the entire massive gold corporations, comfortably outstripping the rise within the gold value, together with a greater than doubling in money flows. We made positive that shareholders see the total profit and see it straight away, with slightly below a billion {dollars} in dividends declared over six months. It has been a unprecedented interval by any measure.” (Additionally watch connected Creamer Media.)
“As we glance to Q2, there was a manufacturing influence from each the Serra Grande sale and the short-term security suspension at Obuasi. On the constructive aspect of the ledger, we had standout performances at Tropicana and Cuiabá.
“Complete money prices to the group have been $1 480 per ounce. As soon as once more, as with the half yr, the macro context is vital. Royalties, gas broad inflation, international alternate principally accounted for the entire improve. Whereas this influence is driving value inflation throughout the business, our underlying operational self-discipline is firmly intact, and that self-discipline is why our monetary metrics are so sturdy.
“We have ensured that earnings and money movement develop effectively forward of the gold value. Ebitda was up 46% to $2-billion. Headline earnings have been 58% higher at $1-billion.
“You possibly can see our money flows stay strong. Money generated from operations rose 49% to $1.8-billion. As we anticipated, money tax is greater than doubled year-over-year to $542-million.
“This displays not solely our improved profitability but in addition the timing of funds throughout our working jurisdictions. Importantly, it’s a seasonal peak.,” Calderon famous within the presentation coated by Mining Weekly.
AngloGold has undertaken an in-depth evaluate of its portfolio to determine alternatives to create extra worth from its present suite of working belongings.
A pipeline of high-return, capital-efficient brownfield alternatives with the potential to extend gold manufacturing from 2029 onwards has been recognized.
These alternatives span mining, processing and restoration enhancements at Obuasi, Geita, Sukari, Siguiri and Cuiabá.
The technique is concentrated on leveraging present infrastructure and orebodies to deliver ahead probably high-return ounces from present belongings.
Work can also be underway to advance the longer-term, Tier 1 progress alternatives from the North Bullfrog and Arthur Gold initiatives in Nevada.
The precedence is to unlock the wealth of untapped worth inside present mines to spice up manufacturing, extending life and reducing unit prices by increasing capability and utilizing the infrastructure already in place.
The $0.72 per share second-quarter lifts dividend declared for the primary half of 2026 to $949-million, or $1.88 per share, in contrast with $469-million, or $0.925 per share within the corresponding interval of 2025.
A proposed $2-billion share buyback programme was permitted by shareholders on July 23 and is now awaiting South African Reserve Financial institution approval.
Q2 gold manufacturing was a 7%-lower 744 000 oz, complete money prices a 21%-higher $1 480/ouncesand capital expenditure a 44%-higher R549-million.
The strategic initiatives on which AngloGold continues to focus are predictable working outcomes; offering aggressive returns to shareholders; bringing a brand new manufacturing centre into operation in southern Nevada; the regular ramp-up of Obuasi mine in Ghana; and realising natural progress initiatives at its mines in Tanzania, Guinea, Egypt and Brazil.
Second-quarter money generated from operations was a 49%-higher $1.8-billion, in contrast with $1.2-billion within the second quarter of 2025.
Second-quarter money taxes greater than doubled year-over-year to $542-million, from $237-million within the second quarter of 2025, reflecting the upper gold value and improved profitability in addition to timing of tax funds throughout the working jurisdictions. Remaining 2026 money taxes are anticipated to be paid in equal quarterly instalments of between $230-million to $250-million.
Gold manufacturing is anticipated to be considerably weighted towards the second half of 2026. As manufacturing volumes improve, unit prices are anticipated to pattern decrease in the course of the second half.
Full-year 2026 steering for gold manufacturing, prices and capital expenditure, which was issued in February 2026, stays unchanged.
On April 16, 2026 the group accomplished the repurchase of $666-million principal quantity of its excellent bonds. This bond buyback has diminished gross debt, lowered future curiosity obligations, and partially eradicated maturities in 2028 and 2030, enhancing monetary flexibility via the cycle.
To additional optimise capital allocation, on 23 July shareholders permitted a proposed share repurchase programme for as much as $2-billion of AngloGold Ashanti’s peculiar shares. This programme is anticipated to supply a further mechanism for shareholder returns, alongside the present dividend framework.
Crucially, the corporate has ample capability to proceed investing in secure, steady operations and fund its pipeline of high-return natural progress initiatives.
Continued give attention to rigorous value self-discipline held first-half money prices per ounce for managed operations at $1 431/ oz.
Exterior pressures included a $93/ouncesrise in royalties owing to increased realised gold costs, $60/ouncesin inflationary impacts, particularly associated to increased labour and mining contractor prices, a $50/ouncesimpact from international alternate actions and the follow-on influence of rising oil costs contributed an extra $20/ouncesincrease in prices. Structural efficiencies delivered via the Full Asset Potential programme diminished first-half underlying, controllable prices by $20/oz.
Second-quarter group money prices per ounce rose to $1 480/oz, predominantly pushed by macroeconomic market components representing a $216/ouncesincrease, whereas operational components contributed $29/oz.
The exterior components included: common inflation (common CPI) linked primarily to will increase in labour and mining contractor prices (+$71/oz); increased gold-price-linked royalties (+$67/oz); and elevated gas costs ($43/oz), reflecting the 45% improve in common Brent crude costs as the corporate prioritised gas provide safety in the course of the ongoing US-Iran battle.
International alternate headwinds added $35/oz, pushed primarily by the year-on-year strengthening of the Australian greenback (+10%), Brazilian actual (+11%) and Ghanaian cedi (+9%) in opposition to the US greenback.
Second-quarter all-in sustaining prices per ounce have been $2 039/ounceson decrease gold gross sales and better sustaining capital expenditure, which rose to $332-million.
Funding in mineral reserve improvement and mine life extensions superior its pipeline of natural greenfield and brownfield progress initiatives.
Non-sustaining capital expenditure doubled to $217-million.
An investigation into the tragic fatality of a contractor on April 24 on the Obuasi mine in Ghana has been accomplished and work is underway to implement corrective actions.
The overall recordable harm frequency fee at managed operations in the course of the second quarter improved to 0.79 accidents per million hours labored.
