AngloGold Ashanti has reported a significant improvement in profitability and cash generation for the second quarter and first half of 2026, supported by elevated global gold prices, resilient operational performance and disciplined financial management. The company also announced an interim dividend and confirmed that it remains on course to meet its full year production, cost and capital expenditure guidance.
The mining group said free cash flow increased by 36 percent to US$727 million during the second quarter ended 30 June 2026, while first half free cash flow reached US$1.9 billion, more than double the level recorded during the corresponding period in 2025. Earnings before interest, taxation, depreciation and amortisation rose by 46 percent to US$2.0 billion during the quarter, reflecting stronger revenues and continued cost management despite inflationary pressures across several operating jurisdictions.
Profit attributable to shareholders increased to US$1.0 billion for the quarter from US$669 million a year earlier, while headline earnings rose to US$1.01 billion. Revenue from gold sales reached US$3.03 billion as the average realised gold price increased by 35 percent year on year to US$4,446 per ounce.
Chief Executive Officer Alberto Calderon said the results demonstrated the resilience of the company’s portfolio and its ability to generate substantial cash flows while preparing for stronger production in the second half of the year.
The improved financial performance enabled AngloGold Ashanti to declare an interim dividend of 72 United States cents per share, equivalent to US$364 million. Total dividends declared for the first half of 2026 amount to US$949 million, compared with US$469 million declared during the same period last year. Shareholders also approved a proposed share repurchase programme of up to US$2.0 billion during the company’s general meeting held on 23 July.
The strengthened balance sheet marked another milestone for the company. AngloGold Ashanti ended the first half of the year with a net cash position of US$991 million, compared with a net debt position of US$311 million at the end of June 2025. During April, the company completed the repurchase of approximately US$666 million of outstanding bonds, reducing future interest obligations and improving financial flexibility.
Although production declined modestly during the quarter, management attributed the reduction largely to portfolio changes and planned operational factors rather than structural weakness. Group gold production totalled 744,000 ounces compared with 804,000 ounces during the corresponding quarter in 2025. The decrease reflected the disposal of the Serra Grande operation in Brazil during late 2025, lower production at the Obuasi mine in Ghana following a previously reported contractor fatality in April, together with planned mine sequencing and maintenance activities across several operations.
Despite lower production volumes, AngloGold Ashanti maintained that output is expected to increase during the second half of 2026, allowing the company to reaffirm its annual production guidance.
Operating costs continued to face pressure from higher royalties linked to elevated gold prices, increased labour and contractor expenses, foreign exchange movements and higher fuel prices associated with global energy market volatility. Total cash costs increased to US$1,480 per ounce, while all in sustaining costs rose to US$2,039 per ounce.
Management said operational improvement initiatives continued to offset part of these external pressures. Through its Full Asset Potential programme, the company achieved reductions in controllable operating costs across its managed assets, demonstrating the benefits of ongoing efficiency programmes despite an inflationary operating environment.
Capital investment also increased as AngloGold Ashanti accelerated spending on mine life extension projects, mineral reserve development and future production growth. Capital expenditure reached US$549 million during the quarter, including a doubling of non sustaining capital investment compared with the same period last year.
The company continues to advance several strategic projects across Africa and internationally. Alongside the ongoing ramp up of the Obuasi mine in Ghana, AngloGold Ashanti is progressing expansion opportunities at Geita in Tanzania, Sukari in Egypt, Siguiri in Guinea and Cuiabá in Brazil. Longer term growth remains focused on the North Bullfrog and Arthur Gold projects in Nevada in the United States, while management has also identified a series of capital efficient brownfield expansion opportunities across its existing portfolio that could contribute additional production from 2029 onwards.
Safety remained a key operational priority following the fatal contractor incident reported earlier this year at Obuasi. AngloGold Ashanti stated that investigations have been completed and corrective measures are being implemented. The company also reported an improvement in its Total Recordable Injury Frequency Rate during the second quarter compared with the preceding three month period.
The results underline the increasingly important role played by African mining operations within AngloGold Ashanti’s global portfolio. Mines in Ghana, Tanzania, Guinea and Egypt continue to contribute significantly to production, investment and future growth, reinforcing the continent’s position as one of the world’s leading sources of gold. At the same time, the company’s investment programme illustrates the interconnected nature of modern mining, where African assets form part of diversified global portfolios that support employment, government revenues, infrastructure development and broader economic participation across multiple jurisdictions.
AngloGold Ashanti said its strategy remains focused on delivering predictable operational performance, disciplined capital allocation and long term value creation through existing operations and organic growth projects. Management expects stronger production during the second half of 2026 to support lower unit costs while maintaining investment in future growth and shareholder returns.
