31 July 2026
AngloGold’s ‘exceptional by any measure’ second quarter pays $364m dividend
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"Exceptional by any measure," was the description of AngloGold Ashanti CEO Alberto Calderon of his company's robust second-quarter results, which included 46%-higher earnings to $2-billion and 36%-higher free cash flow to $727-million.
"This result shows the strong cash generation capacity of our assets, and the resilience of our portfolio. We remain focused on managing the factors in our control to optimise margins as we look to a production increase in the second half of the year," Calderon reported in a presentation covered by Mining Weekly. (Also watch attached Creamer Media.)
AngloGold has undertaken an in-depth review of its portfolio to identify opportunities to create additional value from its current suite of operating assets.
A pipeline of high-return, capital-efficient brownfield opportunities with the potential to increase gold production from 2029 onwards has been identified.
These opportunities span mining, processing and recovery improvements at Obuasi, Geita, Sukari, Siguiri and Cuiabá.
The strategy is focused on leveraging existing infrastructure and orebodies to bring forward potentially high-return ounces from existing assets.
Work is also underway to advance the longer-term, Tier 1 growth opportunities from the North Bullfrog and Arthur Gold projects in Nevada.
The priority is to unlock the wealth of untapped value within existing mines to boost production, extending life and lowering unit costs by expanding capacity and using the infrastructure already in place.
The $0.72 per share second-quarter lifts dividend declared for the first half of 2026 to $949-million, or $1.88 per share, compared with $469-million, or $0.925 per share in the corresponding period of 2025.
A proposed $2-billion share buyback programme was approved by shareholders on July 23 and is now awaiting South African Reserve Bank approval.
Second-quarter gold production were a 7%-lower 744 000 oz, total cash costs a 21%-higher $1 480/oz and capital expenditure a 44%-higher R549-million.
The strategic initiatives on which AngloGold continues to focus are predictable operating results; providing competitive returns to shareholders; bringing a new production centre into operation in southern Nevada; the steady ramp-up of Obuasi mine in Ghana; and realising organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.
Second-quarter cash generated from operations was a 49%-higher $1.8-billion, compared with $1.2-billion in the second quarter of 2025.
Second-quarter cash taxes more than doubled year-over-year to $542-million, from $237-million in the second quarter of 2025, reflecting the higher gold price and improved profitability as well as timing of tax payments across the operating jurisdictions. Remaining 2026 cash taxes are expected to be paid in equal quarterly instalments of between $230-million to $250-million.
Gold production is expected to be significantly weighted toward the second half of 2026. As production volumes increase, unit costs are expected to trend lower during the second half.
Full-year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged.
On April 16, 2026 the group completed the repurchase of $666-million principal amount of its outstanding bonds. This bond buyback has reduced gross debt, lowered future interest obligations, and partially eliminated maturities in 2028 and 2030, enhancing financial flexibility through the cycle.
To further optimise capital allocation, on 23 July shareholders approved a proposed share repurchase programme for up to $2-billion of AngloGold Ashanti's ordinary shares. This programme is expected to provide an additional mechanism for shareholder returns, alongside the existing d...
"Exceptional by any measure," was the description of AngloGold Ashanti CEO Alberto Calderon of his company's robust second-quarter results, which included 46%-higher earnings to $2-billion and 36%-higher free cash flow to $727-million.
"This result shows the strong cash generation capacity of our assets, and the resilience of our portfolio. We remain focused on managing the factors in our control to optimise margins as we look to a production increase in the second half of the year," Calderon reported in a presentation covered by Mining Weekly. (Also watch attached Creamer Media.)
AngloGold has undertaken an in-depth review of its portfolio to identify opportunities to create additional value from its current suite of operating assets.
A pipeline of high-return, capital-efficient brownfield opportunities with the potential to increase gold production from 2029 onwards has been identified.
These opportunities span mining, processing and recovery improvements at Obuasi, Geita, Sukari, Siguiri and Cuiabá.
The strategy is focused on leveraging existing infrastructure and orebodies to bring forward potentially high-return ounces from existing assets.
Work is also underway to advance the longer-term, Tier 1 growth opportunities from the North Bullfrog and Arthur Gold projects in Nevada.
The priority is to unlock the wealth of untapped value within existing mines to boost production, extending life and lowering unit costs by expanding capacity and using the infrastructure already in place.
The $0.72 per share second-quarter lifts dividend declared for the first half of 2026 to $949-million, or $1.88 per share, compared with $469-million, or $0.925 per share in the corresponding period of 2025.
A proposed $2-billion share buyback programme was approved by shareholders on July 23 and is now awaiting South African Reserve Bank approval.
Second-quarter gold production were a 7%-lower 744 000 oz, total cash costs a 21%-higher $1 480/oz and capital expenditure a 44%-higher R549-million.
The strategic initiatives on which AngloGold continues to focus are predictable operating results; providing competitive returns to shareholders; bringing a new production centre into operation in southern Nevada; the steady ramp-up of Obuasi mine in Ghana; and realising organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.
Second-quarter cash generated from operations was a 49%-higher $1.8-billion, compared with $1.2-billion in the second quarter of 2025.
Second-quarter cash taxes more than doubled year-over-year to $542-million, from $237-million in the second quarter of 2025, reflecting the higher gold price and improved profitability as well as timing of tax payments across the operating jurisdictions. Remaining 2026 cash taxes are expected to be paid in equal quarterly instalments of between $230-million to $250-million.
Gold production is expected to be significantly weighted toward the second half of 2026. As production volumes increase, unit costs are expected to trend lower during the second half.
Full-year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged.
On April 16, 2026 the group completed the repurchase of $666-million principal amount of its outstanding bonds. This bond buyback has reduced gross debt, lowered future interest obligations, and partially eliminated maturities in 2028 and 2030, enhancing financial flexibility through the cycle.
To further optimise capital allocation, on 23 July shareholders approved a proposed share repurchase programme for up to $2-billion of AngloGold Ashanti's ordinary shares. This programme is expected to provide an additional mechanism for shareholder returns, alongside the existing d...