2024

Annual Report
2024

Mining to empower people
and advance societies

Annual report 2024 (PDF)

VIEW from the top

Messages from AngloGold Ashanti leadership

2024
a snapshot

Production and cash cost guidance achieved owing to overall strong operational performance

Free cash flow APM

$942m

Free cash flow apm
Total cash costs APM

$1,157/oz

Cash costs apm
Dividends declared

$439m

Dividends declared
Revenue from product sales

$5.8bn

Revenue from product sales
Adjusted EBITDA APM

$2.75bn

Adjusted EBITDA apm
All-in sustaining costsAPM

$1,611/oz

All-in sustaining costs
Adjusted net debt APM to adjusted EBITDAAPM

0.21

Adjusted net debt to adjusted EBITDA
TRIFR per million hours worked

0.98

TRIFR per million hours worked

Growth

In November 2024, AngloGold Ashanti acquired gold mining and exploration company Centamin plc whose assets include:

  • Sukari, an operating gold mine in Egypt with potential to produce around 500,000oz annually
  • Doropo, a greenfield project in Côte d’Ivoire
  • The ABC exploration project in Côte d’Ivoire
  • Various exploration leases in Egypt’s Eastern Desert

At 31 December 2024, the Centamin assets contributed a gold Mineral Reserve of 4.1Moz and a Measured and Indicated Mineral Resource of 2.9Moz and an Inferred Mineral Resource of 2.4Moz to AngloGold Ashanti.

Note:

APM refers to “alternative performance measures”, which are non-IFRS or Non-GAAP financial measures. These measures are:

  • All-in sustaining costs and all-in costs
  • Total cash costs
  • Average gold price received per ounce
  • Sustaining capital expenditure
  • Non-sustaining expenditure
  • Adjusted EBITDA
  • Adjusted net debt
  • Free cash flow

For more information on each of these measures, indicated by APM in the report, and how they are defined and calculated, see Alternative performance measures (in the company notes).

Our footprint

Gold produced

2.66Moz

People employed (1) (4) (5)

39,484

Net cash inflow (2) (3) (4) (5)

$2,215m

Capital expenditure (4) (5)

$1,215m

Mineral Reserve (5)

31.25Moz

Community investment (4) (5)

$20.64m

Notes:

  • (a) Includes the Silicon and Merlin deposits
  • (b) Sterling includes the Crown Block
  • (c) Archean-Birimian Contact (ABC) exploration programme
  • (d) Operated by Barrick Gold Corporation (Barrick)
    (e) Acquired by AngloGold Ashanti through the acquisition of Centamin in November 2024
  • (1)  Average employed, includes contractors
  • (2)  Includes dividends from joint ventures
  • (3)  The sum of net cash inflows from operations offset by net operational cash outflows associated with projects
  • (4)  Includes corporate and non-gold producing subsidiaries
  • (5) Includes projects

Strategy

Successful delivery on our strategy involves optimising and balancing the use of resource inputs to enhance positive outcomes and impacts, in the context of our external operating environment and resulting uncertainties, risks and material issues. Our strategic focus areas and related objectives are:

  • Prioritise people, safety, health and sustainability

    This is the foundation of our business and strategy, ensuring alignment between our values and corporate citizenship responsibilities on the one hand, and the business’s long-term growth, sustainability and profitability on the other.

    HOW WE DELIVERED: Prioritise people, safety, health and sustainability

  • Maintain financial flexibility

    Financial flexibility facilitates access to funding to weather periods of low gold prices, to reward shareholders and to act on strategic opportunities throughout the economic cycle.

    HOW WE DELIVERED: Maintain financial flexibility

  • Optimise overhead, costs and capital expenditure

    Systems are in place to ensure investment and spending are optimally structured and aligned with core business objectives.

    HOW WE DELIVERED: Optimise overhead, costs and capital expenditure

  • Improve portfolio quality

    We actively manage our asset portfolio to improve the overall mix of our production base as we strive for a competitive business valuation. This is key to unlocking the full underlying value of the portfolio. We continue to invest in upgrading the overall quality and longevity of our portfolio.

    HOW WE DELIVERED: Improve portfolio quality

  • Maintain long-term optionality

    Continually replenishing and increasing our Mineral Resource and Mineral Reserve pipeline helps to sustain the business over time. By discovering, acquiring, developing and exploiting viable orebodies sustainably and efficiently, AngloGold Ashanti positions itself to create long-term value.

    HOW WE DELIVERED: Maintain long-term optionality

Governance & Leadership

as at 26 March 2025

The AngloGold Ashanti Board comprises the Chairperson, the Lead Independent Director, Chief Executive Officer, Chief Financial Officer and Independent Non-Executive Directors. Membership and biographical information for the board and executive management team as at 26 March 2025 is available below.

Board
Executive management

■

Independent Non-Executive Directors

■

Executive Directors

■

Executive management

■

Executive Directors

Financials

Income statement
Statement of financial position
Statement of cash flows
Capital allocation framework
Guidance 2025 – 2026
$m
2024 2023
A
Revenue icon 26%
5,793 4,582
Bullion sales 5,359 4,213
Concentrate sales 314 267
By-product revenue 120 102
Less
B
Cost of sales icon 5%
3,726 3,541
Of which:    
Operating costs† 2,665 2,680
Royalties† 246 190
Amortisation 752 658

† Incorporated into Cash costs
Less
C
Expenses icon 60%
395 978
Of which:    
Net impairment, asset derecognition and disposal (58) 221
Corporate restructuring costs — 314
Other expenses/income 144 104
Associates and JV profit (155) (207)
Less
D
Taxation icon 119%
623 285
Current tax 454 217
Deferred tax 169 68
Equals
Profit for the period icon 573%
1,049 (222)
Of which:    
Basic earnings (loss) per share (US cents) 233 (56)
Headline earnings (loss) per share (US cents) 221 (11)
Of which equity shareholders received ($m) 1,004 (235)

* Our financial results are prepared in accordance with IFRS, see note 1 to the Group financial statements, page 153 for further information. The detailed reconciliations of our alternative performance measures (APMs) are set out under Other information on pages 232–247.

$m
2024 2023
E
Total assets icon 61%
13,157 8,175
  Of which:    
Tangible assets 8,512 4,419
Inventory 1,213 831
Cash 1,425 964
Less
F
Total liabilities▲ icon 5%
4,644 4,435
       
Borrowings 1,984 2,239
Environmental rehabilitation 700 625
Less
G
Total equity▲ icon 128%
8,513 3,740
       
Total return to shareholders 25% (3)%
       
Total dividends per share (US cents) 91c 23c

▲ Leverage cover (adjusted net debtAPM/adjusted EBITDAAPM) = 0.21 x

Centamin acquisition

At 31 December 2024, the balance sheet reflected the acquisition by AngloGold Ashanti of Centamin whose primary asset is the Sukari gold mine in Egypt. The acquisition, which was completed on 22 November 2024, was for a consideration of approximately $2.2bn, comprising a combination of AngloGold Ashanti shares and cash. The provisional fair value of material assets acquired, and material liabilities assumed at the acquisition date on a provisional basis was as follows:

US dollar millions 2024
Assets  
Tangible assets 3,677
Right-of-use assets 4
Inventories 330
Trade and other receivables 56
Cash and cash equivalents 216
Liabilities  
Environmental rehabilitation and other provisions (51)
Lease liabilities (4)
Trade and other payables (118)
Net identifiable assets 4,110
Total consideration paid (2,226)
Non-controlling interest 1,884
$m
Cash flow from/used in: 2024 2023
H
Operating activities 103%
1,968 971
  Of which:    
Cash generated from operations 2,063 871
Taxation paid (189) (116)
Less
I
Investing activities 15%
762 897
  Of which:    
Capital expenditure 1,090 1,042
Acquisition of subsidiary, net of cash acquired (68) —
Repayment of loans advanced to JVs (149) —
Other investments and assets acquired 30 —
Less
J
Financing activities 736%
727 87
  Of which:    
Repayment of borrowings 909 87
Interest on borrowings 126 111
Proceeds from borrowings (655) (343)
Equals
Net cash movement 479 (13)
Translation (37) (138)
Cash balance at the beginning of the year 955 1,106
Cash balance at year end 1,397* 955

* Comprises cash and cash equivalents of $1,425m less bank overdraft of $28m

New dividend policy improves competitiveness

As a result of improved operational fundamentals, a robust balance sheet, and increased confidence in the Company’s outlook, the Board has approved a revised dividend policy aimed at delivering enhanced and sustainable shareholder returns. Under the new policy, AngloGold Ashanti will target a 50% payout of free cash flowAPM, where free cash flowAPM is defined as operating cash flow less capital expenditure of managed operations, subject to maintaining an adjusted net debtAPM to adjusted EBITDAAPM ratio of 1x.

Additionally, the revised policy introduces a base dividend of $0.50 per share per annum, payable in quarterly increments of $0.125 per share. This base dividend represents the minimum payout ensuring a stable return to shareholders through commodity price cycles. This enhanced policy reflects the Company’s commitment to strong capital discipline, financial resilience, and the delivery of long-term value to shareholders, while providing greater predictability and downside protection in varying market conditions. The new policy is an important part of a balanced capital allocation framework. The leverage target — a maximum of 1x adjusted net debtAPM to adjusted EBITDAAPM, through the cycle — remains unchanged, as does ensuring a well capitalised portfolio and the ability to fund growth projects.

New capital allocation framework

More generous dividend policy affirms strong cash flow generation and positive outlook

(1) Free cash flow APM is equal to operating cash flow less capital expenditure.

Growing margins and shareholder returns

2025 2026
Gold production (koz) Group: Total gold production 2,900 – 3,225 2,900 – 3,225
Managed operations 2,590 – 2,885
Non-managed joint ventures 310 – 340
Africa (2) 1,935 – 2,160
Australia 500 – 550
Americas 465 – 515
Costs(1) ($/oz) Group: All-in sustaining costsAPM 1,580 – 1,705 1,580 – 1,705
Managed operations 1,600 – 1,725
Non-managed joint ventures 1,160 – 1,260
Africa (2) 1,530
Australia 1,700
Americas 1,700
Group: Total cash costsAPM 1,125 – 1,225 1,125 – 1,225
Managed operations 1,130 – 1,230
Non-managed joint ventures 970 – 1,050
Africa (2) 1,090
Australia 1,425
Americas 1,225
Capital expenditure (1)(2)($m) Group: Total capital expenditure 1,620 – 1,770 1,710 – 1,860
Managed operations 1,505 – 1,635
Non-managed joint ventures 115 – 135
Group: Sustaining capital expenditureAPM 1,085 – 1,185 1,085 – 1,185
Managed operations 1,035 – 1,125
Non-managed joint ventures 50 – 60
Group: Non-sustaining capital expenditureAPM 535 – 585 625 – 675
Managed operations 470 – 510
Non-managed joint ventures 65 – 75

(1)

The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, among other factors, changes in economic, social, political and market conditions, including these related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics, and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material.

Outlook economic assumptions for 2025 guidance are as follows: A$0.65/$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl. Outlook economic assumptions for 2026 guidance are as follows: $0.67/A$, BRL5.96/$, AP1,254/$, ZAR18.00/$ and Brent $70/bbl.

Cost and capital forecast ranges for 2025 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into future value, using an appropriate “inflation” rate. Cost and capital forecast ranges for 2026 are expressed in “real” terms. “Real” cash flows are adjusted for “inflation” in order to reflect the change in value of money over time. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti’s external auditors. Other unknown or unpredictable factors, or factors outside the Company’s control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti’s future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti’s operations together with AngloGold Ashanti’s business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2023 filed with the United States Securities and Exchange Commission (SEC) and AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024 to be filed with the SEC.

(2)

Includes Sukari.

Downloads

Report overview (PDF 873 KB) Strategic Report (PDF 19 MB) Financial review (PDF 1 MB) Regional reviews (PDF 5 MB) Corporate governance (PDF 14 MB) Directors’ Remuneration Report (PDF 5 MB) Annual Financial Statements (PDF 4 MB) Other information (PDF 3 MB)