| 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) 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. |
| 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. |
| 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 time Adjusted net debt* to Adjusted EBITDA*, through the cycle — remains unchanged, as does ensure a well-capitalised portfolio and the ability to fund growth projects. |
| Lowest Leverage Since 2011 |
| The balance sheet remained in a strong position after funding all capital expenditures, 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 the 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 stopping and the continued rollout of the underhand drift and fill method. |
| TheCompany’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 the 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. |
| 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, the total group Mineral Reserve at the end of 2024 was 31.2Moz, the total group gold Measured and Indicated Mineral Resource was 67.1Moz, and the 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 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 the free cash flow* to the group free cash flow* in 2024. |
| “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. |
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| AngloGold Ashanti plc |
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