By Business Insider Reporter
AngloGold Ashanti Plc has reported a record-breaking third quarter for 2025, driven by a higher gold price, cost discipline, and robust performances across its global portfolio – particularly from its flagship Tanzanian operation, the Geita Gold Mine.
The company’s free cash flow surged 141 percent year-on-year to US$920 million, while adjusted EBITDA jumped 109 percent to US$1.6 billion. AngloGold Ashanti declared a quarterly dividend of US$460 million, or 91 cents per share, bringing total dividends for the first nine months of 2025 to US$927 million.
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. Simply put, it’s a measure of how much money a company makes from its core business operations before taking into account things like interest on debt, taxes, and depreciation
“This is another record quarter for cash generation and another healthy dividend declaration,” said CEO Alberto Calderon. “Cash costs again stayed flat in real terms, which means we can capture these stronger margins and show capital discipline by passing the benefit on to shareholders.”
Strong contribution from Tanzania
AngloGold Ashanti’s Geita Gold Mine in Tanzania was a key contributor to the group’s 17 percent increase in gold production year-on-year, producing about 500,000 ounces annually and posting a six percent production rise in Q3 2025.
The company reaffirmed its commitment to expanding Geita’s life and output, with a multi-year investment programme aimed at increasing its mineral reserve by roughly 60 percent and extending its mine life to over 10 years.
A conceptual study is also underway to assess a potential 1 million-tonne-per-year mill expansion, which could boost annual output to around 600,000 ounces by the end of the decade.
A detailed feasibility study on this expansion is expected to be completed by 2027.
Record financial performance
The company delivered record financial results this year. Gold production reached 768,000 ounces, representing a 17 percent year-on-year increase. Total cash costs averaged US$1,225 per ounce, up five percent year-on-year, but remained flat in real terms.
All-in sustaining costs (AISC) were US$1,720 per ounce, reflecting a six precent increase from the previous year.
The company ended the year with an adjusted net cash position of US$450 million, compared to a net debt position in 2024. Headline earnings rose sharply to $672 million, marking a 185 percent year-on-year increase.
The average gold price received rose 40 percent year-on-year to US$3,490/oz, underpinning a 94 percent rise in operating cash flow to US$1.4 billion.
Focus on long-term growth
In addition to its Tanzanian investment, AngloGold Ashanti completed the acquisition of Augusta Gold Corp. in October 2025, strengthening its presence in Nevada’s Beatty District.
The move is part of the company’s broader strategy to consolidate and develop high-potential gold regions worldwide.
Outlook
AngloGold Ashanti reaffirmed its full-year 2025 guidance, citing continued cost control, balance sheet strength, and strong cash generation. The company ended Q3 with US$3.9 billion in liquidity, including US$2.5 billion in cash.
Mr. Calderon emphasized that the Group remains “well-positioned to sustain strong shareholder returns while reinvesting strategically in high-quality, long-life assets like Geita.”
About AngloGold Ashanti AngloGold Ashanti Plc is a leading global gold producer with operations and projects across Africa, the Americas, and Australia. The company’s Tanzanian operation, Geita Gold Mine, is one of the largest and most productive mines in Africa, employing thousands and contributing significantly to Tanzania’s mining sector and national revenue.
