AngloGold Ashanti’s gold revenue rises to $2.559 billion despite 9% production decline
Key Facts
AngloGold Ashanti reported gold revenue of $2.559 billion in the third quarter of 2026, compared with $2.373 billion in the same period last year, as the average realized gold price rose to $4,239 an ounce from $3,490. At the same time, group production fell 9% to 696,000 ounces from 768,000 ounces, limiting the effect of the higher price on sales volumes. In its results filing, the company said earnings before interest, taxes, depreciation and amortization rose 12% to $1.568 billion, compared with $1.4 billion. The company attributed the growth mainly to the higher average realized gold price. The results present a mixed picture: selling prices supported revenue and operating profit, while production and sales were below year-earlier levels.
Lower sales came alongside falling production, reducing the volume that benefited from the higher price per ounce. For the nine months ended September, the group produced 2.164 million ounces, down 6% from 2.292 million ounces in the same period of 2025. Excluding the Serra Grande mine, which was sold in December 2025, production fell 8% in the third quarter and 4% year to date through the end of September. This shows that production comparisons are also affected by changes in the group’s scope, while output remained lower on an adjusted comparison as well.
The group’s cash costs rose to $1,534 an ounce in the third quarter of 2026, from $1,225 a year earlier, while all-in sustaining costs increased to $2,170 from $1,720. The higher cost per ounce coincided with lower gold sales, reducing some of the support provided by the higher realized price. Free cash flow fell to $722 million from $920 million in the year-earlier period. The company said the decline reflected higher capital expenditure and tax payments, lower working capital inflows, as well as higher operating costs and lower gold sales. Despite the decrease in free cash flow, the company said financial performance supported the balance sheet, and net cash stood at $1.256 billion on September 30, 2026.
The company attributed weaker production to operational factors at some mines, including the suspension of underground work for safety reasons at the Sukari mine following the death of a worker, and flooding at Iduapriem from a neighboring mine. It said dewatering work at Iduapriem had restored full access to high-grade mining areas, while stripping work at Sukari would provide access to higher-grade ore. This is linked to the company’s expectation that improved access to mining areas will support production in the fourth quarter. Chief Executive Alberto Calderon said the company was “well positioned to deliver a strong final quarter and achieve its annual gold production targets,” while advancing its long-term projects in Nevada and its existing assets. The group said its 2026 annual guidance for production, costs and capital expenditure remained within the stated ranges.
AngloGold Ashanti declared an interim third-quarter dividend of $361 million, or 71 cents per share, and reaffirmed its 2026 fiscal-year guidance. The distribution comes as the company reported net cash of $1.256 billion at the end of September, despite a year-on-year decline in free cash flow. After the third-quarter results, investors’ attention will turn to the announcement of full-year 2026 results, scheduled for February 18, 2027. In trading on November 10, the company’s New York-listed shares closed at $93.85, down 5.88%, while its Johannesburg shares were unchanged at 1,571 rand. This is the market move recorded on that date, after the results were released, and is not a live price.