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Published Feb 19, 2025 • 17 minute read
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LONDON & DENVER & JOHANNESBURG — AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) delivered significant year-on-year gains in earnings and free cash flow* in 2024, following continued focus on cost control and the year’s strongest gold production period from its managed operations(2)(3)(4) in Q4 2024.
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Higher revenues were reflected in significantly stronger cash flow and earnings in a year where costs rose by less than half the inflation rate for managed operations, and the Company focused on active management of working capital.
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Free cash flow* rose to $942m in 2024, up from $109m in 2023. Adjusted earnings before interest, tax, depreciation and amortisation (“Adjusted EBITDA*”) rose 93% to $2.747bn, from $1.420bn in 2023.
“The significant growth in free cash flow* — to almost a billion dollars in 2024 — is a result of our focus on continued operational and efficiency improvements, which in turn have allowed us to capture the benefit of a healthy gold price,” CEO Alberto Calderon said. “With the business receiving appropriate investment and the balance sheet at its strongest position in well over a decade, we’re able to pass on those benefits to shareholders in a more generous dividend policy.”
Headline earnings(5) of $954m, or 221 US cents per share for 2024, compared to a headline loss(5) of $46m, or 11 US cents per share for 2023. The average gold price received per ounce* for the group rose 24% to $2,394/oz in 2024 from $1,930/oz in 2023.
New Dividend Policy Improves Competitiveness
As a result of improved operational fundamentals, a robust balance sheet, and increased confidence in the Company’s outlook, the Company’s Board of Directors has approved a revised dividend policy aimed at delivering enhanced and sustainable shareholder returns. Under the new policy, AngloGold Ashanti will target a 50% payout of free cash flow, where free cash flow is defined as operating cash flow less capital expenditure of managed operations, subject to maintaining an adjusted net debt to adjusted EBITDA ratio of 1.0 times. Additionally, the revised policy introduces a base dividend of $0.50 per share per annum, payable in quarterly increments of $0.125 per share. This base dividend represents the minimum payout, ensuring a stable return to shareholders even through commodity price cycles. This enhanced policy reflects the Company’s commitment to strong capital discipline, financial resilience, and delivering long-term value to shareholders, while providing greater predictability and downside protection in varying market conditions.
An interim dividend of $347m, or 69 US cents per share, was declared for the second half. This takes the total payout for 2024 to $439m, or 91 US cents per share.
The new policy is an important part of a balanced capital allocation framework. The leverage target — a maximum of one times Adjusted net debt* to Adjusted EBITDA*, through the cycle — remains unchanged, as does ensuring a well capitalised portfolio and the ability to fund growth projects.
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Lowest Leverage Since 2011
The balance sheet remained in a strong position after funding all capital expenditure, the prior dividend payment and the cash portion of the acquisition of Centamin plc (“Centamin”). At the end of 2024, Adjusted net debt* was $567m, and the Adjusted net debt* to Adjusted EBITDA* ratio was 0.21 times, the lowest since 2011. There was approximately $2.6bn in liquidity, including cash and cash equivalents of $1.4bn, at year end.
Improved Fundamentals Support 2024 Performance
AngloGold Ashanti posted strong performances from several key operations during 2024, demonstrating improved operational resilience. The Australian mines recovered well from rains and flooding in the first half of the year, while Siguiri finished the year well after Q1 2024 production was impacted by metallurgical recovery challenges.
The marked operational turnaround of the Brazilian operations also continued to gain momentum following resumption of concentrate processing at the Queiroz plant during Q3 2024. Obuasi delivered an improved Q4 2024 performance, in line with its revised mine plan, amid improved sub-level open stoping and the continued rollout of the underhand drift and fill method.
The Company’s Total Recordable Injury Frequency Rate (“TRIFR”) of 0.98 injuries per million hours worked in 2024 improved compared to 1.09 in 2023, and remains far better than the average 2023 performance of 2.59 injuries per million hours worked by the members of the International Council on Mining and Metals.
Group gold production(2)(3)(4), including 40,000oz from Sukari, was 2.661Moz for 2024. Gold production(2)(3)(4) for the year was driven by year-on-year improvements at Cuiabá (AGA Mineração) (+8%), Cerro Vanguardia (+7%), Siguiri (+5%), Sunrise Dam (+3%) and Tropicana (+1%), as well as the introduction of Sukari into the portfolio. These increases were partly offset by lower gold production contributions from Iduapriem (-12%), Kibali (-10%) and Serra Grande (-7%). At Obuasi, gold production for the year was 221,000oz, in line with recent guidance, at a total cash cost* of $1,214/oz. The Obuasi mine generated $26m of free cash flow* for 2024.
The solid gold production performance from AngloGold Ashanti’s managed operations, alongside continued implementation of the Full Asset Potential programme and increased vigilance on expenditures at the site level, delivered a strong overall cost performance despite persistent inflation across several of its operating jurisdictions. The aggregate inflation rate for the group was about 6.6%, which represents consumer price index (CPI) changes in the jurisdictions in which the Company operates. This increase in inflation was partially mitigated by favourable exchange rate fluctuations.
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Total cash costs per ounce* for the group(1)(2)(3) rose 4% year-on-year to $1,157/oz in 2024 versus $1,115/oz in 2023. Total cash costs per ounce* for managed operations(1)(2)(3) rose by only 2% year-on-year to $1,187/oz in 2024 versus $1,162/oz in 2023, despite inflationary pressures on labour, material and contractor costs, and the impact of higher royalties paid, driven by the increase in the average gold price received per ounce*. All-in sustaining costs per ounce* (“AISC”) for the group(1)(2)(3) rose 4% year-on-year to $1,611/oz in 2024 versus $1,544/oz in 2023 mainly due to increased total cash costs per ounce * and higher sustaining capital expenditure*.
Continued Exploration Success
The Company has achieved significant exploration success over the past five years, adding 20.9Moz to its gold Mineral Reserve before accounting for depletion and including the acquisition of Centamin. This marks the seventh consecutive year that AngloGold Ashanti has recorded annual increases in gold Mineral Reserve before depletion. Following the acquisition of Centamin, total group Mineral Reserve at the end of 2024, was 31.2Moz, total group gold Measured and Indicated Mineral Resource was 67.1Moz and total group gold Inferred Mineral Resource was 55.0Moz.
Strong Operational Performance Recorded in Q4 2024
Gold production for the group(1)(2)(3)(4), including 40,000oz from the newly acquired Sukari mine, was 750,000oz for Q4 2024 versus 738,000oz in Q4 2023.
Total cash costs per ounce* for the group(1)(2)(3) increased 9% year-on-year to $1,144/oz in Q4 2024 from $1,050/oz in Q4 2023. AISC per ounce* for the group(1)(2)(3) rose by 3% year-on-year in Q4 2024 to $1,647/oz compared with $1,598/oz in Q4 2023.
Headline earnings(5) of $405m, or 89 US cents per share, in Q4 2024, compared to headline earnings(5) of $87m, or 21 US cents per share, in Q4 2023. Adjusted EBITDA* increased to $884m in Q4 2024 from $574m in Q4 2023. Free cash flow* rose to $389m during Q4 2024, from $293m in Q4 2023.
Sukari Acquisition Bolsters Portfolio
On 22 November 2024, the acquisition of Centamin was successfully completed. Integration of the Sukari gold mine, and Eastern Desert Exploration commenced immediately. Sukari contributed 40,000oz of gold production at a total cash cost* of $1,165/oz in 2024. The mine contributed $61m in free cash flow* to group free cash flow* in 2024.
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“The addition of Sukari, a true tier-one operation, provides a step-change in our production profile, while improving the cost outlook and enhancing cash flow generation”, CEO Alberto Calderon said.
Outlook(6)
The Company is pleased to provide updated 2025 guidance, following the successful integration of Sukari into the portfolio. Gold production for the group(2)(3)(4) is forecast to range between 2,900Moz and 3,225Moz. Total cash cost* for the group(2)(3) is forecast to range between $1,125/oz and $1,225/oz and AISC* for the group(2)(3) is forecast to range between $1,580/oz and $1,705/oz. Total capital expenditure for the group(2)(3) is expected to be between $1,620m and $1,770m.
(1) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed on care and maintenance in August 2023.
(2) The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(3) On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin was included in the financial year ended 31 December 2024 from the effective date of acquisition.
(4) Includes gold concentrate from the Cuiabá mine sold to third parties.
(5) The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures.
(6) Refer to the disclaimer below the heading “Guidance” in the full announcement for further information.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
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Key Statistics
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Dec
Dec
Dec
Dec
US Dollar million, except as otherwise noted
2024
2023
2024
2023
Operating review
Gold
Produced – Group (1) (2) (3) (4)
– oz (000)
750
738
2,661
2,644
Produced – Managed operations (1) (2) (3) (4)
– oz (000)
670
645
2,352
2,301
Produced – Non-managed joint ventures (2)
– oz (000)
80
93
309
343
Sold – Group (1) (2) (3) (4)
– oz (000)
725
711
2,679
2,624
Sold – Managed operations(1) (2) (3) (4)
– oz (000)
647
619
2,370
2,281
Sold – Non-managed joint ventures (2)
– oz (000)
78
92
309
343
Financial review
Gold income
– $m
1,716
1,223
5,673
4,480
Cost of sales – Group
– $m
1,144
1,023
4,106
3,913
Cost of sales – Managed operations
– $m
1,043
929
3,726
3,541
Cost of sales – Non-managed joint ventures
– $m
101
94
380
372
Total operating costs
– $m
815
740
2,911
2,870
Gross profit
– $m
707
327
2,067
1,041
Average gold price received per ounce* – Group (1) (2) (3)
– $/oz
2,653
1,971
2,394
1,930
Average gold price received per ounce* – Managed operations (1) (2) (3)
– $/oz
2,652
1,969
2,393
1,927
Average gold price received per ounce* – Non-managed joint ventures (2)
– $/oz
2,662
1,984
2,401
1,948
All-in sustaining costs per ounce* – Group (1) (2) (3)
– $/oz
1,647
1,598
1,611
1,544
All-in sustaining costs per ounce* – Managed operations (1) (2) (3)
– $/oz
1,702
1,701
1,672
1,634
All-in sustaining costs per ounce* – Non-managed joint ventures (2)
– $/oz
1,188
907
1,146
951
All-in costs per ounce* – Group (1) (2) (3)
– $/oz
1,840
1,794
1,846
1,754
All-in costs per ounce* – Managed operations (1) (2) (3)
– $/oz
1,895
1,909
1,910
1,857
All-in costs per ounce* – Non-managed joint ventures (2)
– $/oz
1,388
1,023
1,351
1,074
Total cash costs per ounce* – Group (1) (2) (3)
– $/oz
1,144
1,050
1,157
1,115
Total cash costs per ounce* – Managed operations (1) (2) (3)
– $/oz
1,165
1,092
1,187
1,162
Total cash costs per ounce* – Non-managed joint ventures (2)
– $/oz
967
761
935
802
Profit before taxation
– $m
698
144
1,672
63
Adjusted EBITDA*
– $m
884
574
2,747
1,420
Total borrowings
– $m
2,125
2,410
2,125
2,410
Adjusted net debt*
– $m
567
1,268
567
1,268
Profit (loss) attributable to equity shareholders
– $m
470
28
1,004
(235)
– US cents/share
103
7
233
(56)
Headline earnings (loss) (5)
– $m
405
87
954
(46)
– US cents/share
89
21
221
(11)
Net cash inflow from operating activities
– $m
690
404
1,968
971
Free cash flow*
– $m
389
293
942
109
Capital expenditure – Group(2)(3)
– $m
369
357
1,215
1,127
Capital expenditure – Managed operations(2)(3)
– $m
333
334
1,090
1,042
Capital expenditure – Non-managed joint ventures (2)
– $m
36
23
125
85
(1)All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed on care and maintenance in August 2023. All gold production, gold sold, average gold price received per ounce*, all-in sustaining costs per ounce*, all-in costs per ounce* and total cash costs per ounce* metrics in this document have been adjusted to exclude the CdS operation, unless otherwise stated.
(2)The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(3)On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin was included in the financial year ended 31 December 2024 from the effective date of the acquisition.
(4)Includes gold concentrate from the Cuiabá mine sold to third parties.
(5)The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures.
* Refer to “Non-GAAP disclosure” in the Full Announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
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AngloGold Ashanti plc today announces an interim dividend for the six months ended 31 December 2024 of 69 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.
To holders of ordinary shares on the New York Stock Exchange (NYSE)
2025
Ex-dividend on NYSE
Friday, 14 March
Record date
Friday, 14 March
Payment date
Friday, 28 March
To holders of ordinary shares on the South African Register
Additional information for South African resident shareholders of AngloGold Ashanti:
Shareholders registered on the South African section of the register are advised that the distribution of 69 US cents per ordinary share will be converted to South African rands at the applicable exchange rate.
In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows:
2025
Declaration date
Wednesday, 19 February
Currency conversion rate for South African rands announcement date
Friday, 7 March
Last date to trade ordinary shares cum dividend
Tuesday, 11 March
Ordinary shares trade ex-dividend
Wednesday, 12 March
Record date
Friday, 14 March
Payment date
Friday, 28 March
Dividends in respect of dematerialised shareholdings will be credited to shareholders’ accounts with the relevant CSDP (as defined below) or broker.
To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 12 March 2025 and Friday, 14 March 2025, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 7 March 2025 and Friday, 14 March 2025, both days inclusive.
Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 7 March 2025.
To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD
2025
Currency conversion date
Friday, 7 March
Last date to trade and to register shares cum dividend
Tuesday, 11 March
Shares trade ex-dividend
Wednesday, 12 March
Record date
Friday, 14 March
Approximate payment date of dividend
Friday, 28 March
To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share
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2025
Currency conversion date
Friday, 7 March
Last date to trade and to register GhDSs cum dividend
Tuesday, 11 March
GhDSs trade ex-dividend
Wednesday, 12 March
Record date
Friday, 14 March
Approximate payment date of dividend
Friday, 28 March
Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 69 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢15.5000, the gross dividend payable per share, is equivalent to ca. ¢10.695 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
Entitlement to interim dividends
A “Shareholder of Record” is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A “Beneficial Owner” is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant (“CSDP”), Shareholder of Record or other agent (sometimes referred to as holding shares “in street name”).
AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
Johannesburg, South Africa
19 February 2025
JSE Sponsor: The Standard Bank of South Africa Limited
FORWARD-LOOKING STATEMENTS
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Non-GAAP financial measures
This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.
Website: www.anglogoldashanti.com
December 2024 Published 19 February 2025
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219334902/en/
Contacts
Media
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@anglogoldashanti.com
General inquiries: media@anglogoldashanti.com
Investors
Yatish Chowthee: +27 11 637 6273 / +27 78 364 2080 yrchowthee@anglogoldashanti.com
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@anglogoldashanti.com
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