{"id":474,"date":"2026-03-01T12:00:20","date_gmt":"2026-03-01T10:00:20","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/25\/?p=474"},"modified":"2026-03-25T08:51:15","modified_gmt":"2026-03-25T06:51:15","slug":"cost-of-sales","status":"publish","type":"post","link":"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/cost-of-sales\/","title":{"rendered":"Cost of sales"},"content":{"rendered":"<h2 class=\"wp-block-post-title\">Cost of sales<\/h2>\n\n\n<div class=\"wp-block-group alignwide is-style-glassmorphic is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-794e3cfa wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:360px\"><div class=\"lazyblock-charts-2rriwe wp-block-lazyblock-charts\">  \n<h6 class=\"chart-title\">Operating costs ($m)<\/h6>\n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-2rriwe-AdliEuIXvCs8\"\n        style=\"position: relative; min-height: 240px; height: 240px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chart-ar-operating-costs.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-2rriwe-AdliEuIXvCs8', 'Operating costs ($m)',\n               'financial', 'standard-bar', 'bottom',\n               '', '', '0', 'number','','2000'\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\">Operating costs include salaries and wages, stores and other consumables, fuel, power and water, mining contractors, labour contractors and other expenses. Operating costs increased by $566m primarily due to higher labour, consumable stores, fuel power and water costs, and mining contractors\u2019 costs. The inclusion of Sukari (acquired in November 2024), contributed approximately $300m to the overall $566m increase to operating costs in 2025.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide is-style-glassmorphic is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-794e3cfa wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:360px\"><div class=\"lazyblock-charts-ZLM8DO wp-block-lazyblock-charts\">  \n<h6 class=\"chart-title\">Royalties ($m)<\/h6>\n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-ZLM8DO-SOKgxSQGSnyX\"\n        style=\"position: relative; min-height: 240px; height: 240px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chart-ar-costs-royalties.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-ZLM8DO-SOKgxSQGSnyX', 'Royalties ($m)',\n               'financial', 'standard-bar', 'bottom',\n               '', '', '0', 'number','','200'\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\">Royalties, generally calculated as a percentage of revenue, increased from $246m in 2024 to $424m in 2025, primarily due to the increase in the average gold price received per ounce<sup>APM<\/sup> and gold sales. On average, a $100\/oz move in the gold price attracts around $5\/oz in royalties.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide is-style-glassmorphic is-layout-flow wp-block-group-is-layout-flow\">\n<figure class=\"wp-block-image alignwide size-large is-style-default style-svg\" style=\"margin-top:var(--wp--preset--spacing--30);margin-right:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:var(--wp--preset--spacing--30)\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"793\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-ar-total-cash-costs.svg\" alt=\"\" class=\"wp-image-6936\"\/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em><sup>APM<\/sup> Refer to appendices below and &#8220;Non-GAAP disclosure&#8221; in AngloGold Ashanti&#8217;s Earnings Release for the three months and year ended 31 December 2025 for definitions and reconciliations.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">* Total cash costs<sup>APM<\/sup> per ounce for the Group increased by 7% year-on-year to $1,242\/oz in 2025 versus $1,157\/oz in 2024. Total cash cost<sup>APM<\/sup> per ounce for managed operations rose 5% year-on-year to $1,252\/oz in 2025 versus $1,187\/oz in 2024, primarily driven by higher royalty costs linked to the stronger average gold price received per ounce<sup>APM<\/sup>, which resulted in an estimated 6% increase in total cash costs per ounce<sup>APM<\/sup>, and an estimated 3% rise in inflation driven by higher labour, stores and mining contractor costs. These impacts were partially offset by a favourable cumulative foreign currency exchange rate against the US dollar, which resulted in a 2% cost benefit.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><col \/><col class=\"shade\" \/><col class=\"shade\" \/><thead><tr class=\"rule\">\n<td class=\"rule\"><\/td><td class=\"rule has-text-align-center has-background-background-color has-background\" data-align=\"center\" colspan=\"2\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-primary-color \">2025<\/mark><\/strong><\/td><td class=\"rule has-text-align-center\" data-align=\"center\" colspan=\"2\"><strong>2024<\/strong><\/td><\/tr><tr><td>Inflation and exchange rates<\/td><td class=\"has-text-align-right  has-light-silver-gray-background-color\" data-align=\"right\"><strong>Local CPI<sup> (1)<\/sup><\/strong><\/td><td class=\"has-text-align-right has-light-silver-gray-background-color\" data-align=\"right\"><strong>Local FX: $<sup> (2)<\/sup><\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Local CPI<sup> (1)<\/sup><\/strong><\/td><td class=\"has-text-align-right \" data-align=\"right\"><strong>Local FX: $<sup> (2)<\/sup><\/strong><\/td><\/tr>\n<\/thead>\n<tbody>\n<tr><td>USA<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.7%<\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\">2.9%<\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td>Ghana<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.4%<\/td><td class=\"has-text-align-right\" data-align=\"right\">13.3%<\/td><td class=\"has-text-align-right\" data-align=\"right\">23.8%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(25.6%)<\/td><\/tr><tr><td>Argentina<\/td><td class=\"has-text-align-right\" data-align=\"right\">31.5%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(35.8%)<\/td><td class=\"has-text-align-right\" data-align=\"right\">117.8%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(210.2%)<\/td><\/tr><tr><td>Australia<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.3%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2.3%)<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.4%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(0.7%)<\/td><\/tr><tr><td>Tanzania<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.6%<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.8%<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.1%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(7.9%)<\/td><\/tr><tr><td>Guinea<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.3%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1.2%)<\/td><td class=\"has-text-align-right\" data-align=\"right\">6.4%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(0.3%)<\/td><\/tr><tr><td>Egypt<\/td><td class=\"has-text-align-right\" data-align=\"right\">12.3%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(8.6%)<\/td><td class=\"has-text-align-right\" data-align=\"right\">24.1%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(47.6%)<\/td><\/tr><tr><td>Brazil<\/td><td class=\"has-text-align-right\" data-align=\"right\">4.3%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3.7%)<\/td><td class=\"has-text-align-right\" data-align=\"right\">4.8%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(7.9%)<\/td><\/tr><tr class=\"thick-rule\"><td>Colombia<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.1%<\/td><td class=\"has-text-align-right\" data-align=\"right\">0.5%<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.2%<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.9%<\/td><\/tr><tr><td><strong>Average inflation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3.4%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6.6%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Information sourced from Bloomberg and not always up to current reporting date<\/em><\/p>\n\n\n\n<ol class=\"wp-block-list has-small-font-size\">\n<li><em>Percentage change in respective index CPI (Consumer Price Index)<\/em><\/li>\n\n\n\n<li><em>Percentage variance of annual FX (foreign exchange) rate<\/em><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">For AngloGold Ashanti, the realised inflation rate continued to decline, from 6.6% in 2024 to 3.4% in 2025. As inflation continues to keep an upward pressure on costs, AngloGold Ashanti continues to actively look for opportunities to mitigate cost impacts across its businesses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inflation across AngloGold Ashanti\u2019s operating regions were predominantly softer. Ghana, Argentina and Egypt all saw significant declines in their inflation rate, while the remaining regions in which AngloGold Ashanti has operations remained relatively stable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The US dollar weakened against several currencies in 2025, though there were periods of fluctuation. The dollar\u2019s performance was largely driven by expectations of US Federal Reserve interest rate cuts, narrowing yield differentials with other major economies and US policy uncertainty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>For a reconciliation between cost of sales and total cash costs<sup>APM<\/sup> please refer to Alternative performance measures on pages 237\u2013256 of the full <a href=\"https:\/\/reports.anglogoldashanti.com\/25\/download\/AGA-AR25.pdf\"><em>2025 Annual Report<\/em><\/a><\/em><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide is-style-glassmorphic is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-794e3cfa wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:360px\"><div class=\"lazyblock-charts-2w5DWH wp-block-lazyblock-charts\">  \n<h6 class=\"chart-title\">Amortisation* ($m)<\/h6>\n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-2w5DWH-y1j90Y0j8gGF\"\n        style=\"position: relative; min-height: 240px; height: 240px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chart-ar-amortisation.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-2w5DWH-y1j90Y0j8gGF', 'Amortisation* ($m)',\n               'financial', 'standard-bar', 'bottom',\n               '', '', '0', 'number','','500'\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"wp-block-paragraph\">Amortisation increased from $752m in 2024 to $1,287m in 2025, mainly on tangible\nassets. The Sukari operation, which was acquired in November 2024, contributed\n$359m to this change, which includes amortisation on the fair value adjustments on\ntangible assets of $2.2bn. Also contributing to the change was additional amortisation\nof $34m at Iduapriem, primarily driven by higher deferred stripping amortisation from\nthe Ajopa pit, and additional amortisation of $118m at Geita driven by the depletion of\nthe Mineral Reserve following the increase in production and higher deferred stripping\nand heavy mobile equipment amortisation.<\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">* <em> Refers to amortisation included in cost of sales only<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Operating costs include salaries and wages, stores and other consumables, fuel, power and water, mining contractors, labour contractors and other expenses. Operating costs increased by $566m primarily due to higher labour, consumable stores, fuel power and water costs, and mining contractors\u2019 costs. The inclusion of Sukari (acquired in November 2024), contributed approximately $300m to the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-474","post","type-post","status-publish","format-standard","hentry","category-financials"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cost of sales | Report Suite 2025<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/cost-of-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cost of sales | Report Suite 2025\" \/>\n<meta property=\"og:description\" content=\"Operating costs include salaries and wages, stores and other consumables, fuel, power and water, mining contractors, labour contractors and other expenses. Operating costs increased by $566m primarily due to higher labour, consumable stores, fuel power and water costs, and mining contractors\u2019 costs. The inclusion of Sukari (acquired in November 2024), contributed approximately $300m to the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/cost-of-sales\/\" \/>\n<meta property=\"og:site_name\" content=\"Report Suite 2025\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-01T10:00:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-25T06:51:15+00:00\" \/>\n<meta name=\"author\" content=\"katherine@rasc.co.za\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"katherine@rasc.co.za\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" 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