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Anglo Ashanti Gold Corporation's free cash flow increased by 607% in the first quarter of 2025.
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Release time：2025-05-13
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Total capital expenditure is projected to be between US \$1.62 billion (ZAR 29.65 billion) and US \$1.77 billion in 2025.
AngloGold Ashanti, a South African gold mining company, reported a sevenfold increase in free cash flow, surging 607% year-on-year to $403 million in the first quarter of 2025 (Q1 2025). Profit attributable to shareholders increased by almost eight times. This financial growth is attributed to effective cost management, stronger gold prices, and a 28% year-on-year increase in gold production from managed operations, primarily due to the new Sukari gold mine in Egypt and increased production from Siguiri in Guinea and Tropicana in Australia. Egypt's largest gold mine, Sukari, contributed 117,000 ounces of gold to Q1 production, boosting the company's gold output by 22% to 720,000 ounces. The company is committed to closing the valuation gap with North American competitors through improved operations, higher cash conversion rates, extended mine life, and rigorous capital allocation.
Alberto Calderon, CEO of AngloGold Ashanti, stated: "We had a very strong start to the year, particularly in our managed operations." "With the addition of Sukari, we saw strong production growth, and our cost control efforts continue to offset inflation, ensuring we capture the benefits of higher gold prices." AngloGold Ashanti is also actively managing its portfolio, including divesting the Doropo project in Ivory Coast and the Archean-Birimian Contact (ABC) project, and focusing on its US operations and projects. The company's new dividend policy aims to distribute 50% of annual free cash flow, maintain a net debt-to-EBITDA ratio of 1x, and provide a base annual dividend of $0.50 per share. The company's financial position is improving, with adjusted net debt down 60% to $525 million and a net debt-to-EBITDA ratio improving to 0.15x. Liquidity is approximately $3 billion, including $1.5 billion in cash and cash equivalents.
Capital expenditure (capex) in the first quarter increased by 27% to $336 million, including $236 million in sustaining capital and $100 million in growth capital. The company reaffirmed its full-year gold production guidance of between 2.9 million ounces (moz) and 3.225 million ounces, with total cash costs per ounce expected to be between $1,125 and $1,225, and total sustaining costs per ounce expected to be between $1,580 and $1,705. Total capital expenditure for 2025 is expected to be between $1.62 billion and $1.77 billion.
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