AngloGold Ashanti has delivered one of its strongest financial performances in recent years, posting sharply higher earnings and cash flow in the first half of 2026 as soaring gold prices and disciplined operations boosted returns to shareholders.
The global gold producer reported a 46% increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) to $2 billion, while free cash flow climbed 36% to $727 million during the second quarter.
Chief Executive Alberto Calderon described the results as an “extraordinary period,” saying the company achieved industry-leading earnings growth and more than doubled cash flows compared to the previous year.
AngloGold declared $949 million in dividends for the first six months of 2026—equivalent to $1.88 per share—more than double the payout made during the same period last year.
The company is also awaiting regulatory approval for a $2 billion share buyback programme, approved by shareholders in July, which will further enhance shareholder returns.
Growth Projects Get the Green Light
Despite a 7% decline in second-quarter gold production to 744,000 ounces, AngloGold remains confident about the second half of the year, with production expected to increase as several operations ramp up.
The miner is investing heavily in expanding existing operations through brownfield projects at mines including Obuasi (Ghana), Geita (Tanzania), Sukari (Egypt), Siguiri (Guinea) and Cuiabá (Brazil). It is also advancing long-term projects in Nevada, United States.
Management believes these projects will increase production from 2029 onwards while lowering costs by making better use of existing infrastructure.
Rising Costs Offset by Strong Financial Performance
Higher royalties linked to record gold prices, inflation, stronger local currencies and elevated fuel prices pushed cash costs up 21% to $1,480 per ounce during the quarter.
However, AngloGold said operational efficiencies helped offset some of these pressures, with its Full Asset Potential programme continuing to deliver cost savings.
The company also generated $1.8 billion in operating cash flow, a 49% improvement from a year earlier, although tax payments more than doubled due to stronger profitability.
AngloGold maintained its full-year production, cost and capital expenditure guidance, expecting stronger output and lower unit costs in the second half of 2026.
The company has also strengthened its balance sheet after repurchasing $666 million in outstanding bonds, reducing future debt obligations while retaining the financial flexibility to invest in growth opportunities.
With gold prices remaining favourable and expansion projects progressing, AngloGold says it is well positioned to continue delivering value to shareholders while growing production over the coming years.
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