AngloGold earnings surge on record prices, reports initial US reserves

AngloGold Ashanti on Friday posted a near tripling in full-year profit, mainly driven by record gold prices and increased production, and declared reserves of nearly 5 million ounces at its US greenfield project.

The miner’s headline earnings came in at $2.725 billion in the year ended December 2025, up from $954 million the year before.

AngloGold produced 3.1 million ounces of gold in 2025, a 16% increase over the previous year, mainly due to the first full-year contribution from the Sukari mine in Egypt, in which the company acquired a 50% share in 2024.

As spot gold prices surged more than 60% last year to a series of record highs, the company received an average gold price 45% above the previous year, helping it declare a quarterly dividend of $1.73 per share. That brings AngloGold Ashanti’s total payouts for 2025 to $1.8 billion.

US reserves

AngloGold announced initial mineral reserves of 4.9 million ounces at its Arthur gold project in Nevada following pre-feasibility studies, making it the second-largest reserve in the company’s asset portfolio.

The study supports an initial nine-year mine life with an estimated average annual production of approximately 500,000 ounces, AngloGold said in its results statement.

Capital expenditure on the project is forecast at $3.6 billion, it added.

“What started only a few years ago as an ambitious exploration thesis has now evolved into one of the largest and most significant greenfield gold discoveries of this century in the US,” AngloGold CEO Alberto Calderon said during a results call.

AngloGold, formed in 1998, held Anglo American Plc’s South African gold assets before it was spun off from the parent company. It has operations in Australia, Ghana, Tanzania, Guinea, the Democratic Republic of Congo, Brazil and Egypt.

The company sold the last of its South African mines in 2020 before shifting its primary listing and headquarters from Johannesburg to New York and London, respectively, as it drives its expansion in the Americas.

(By Nelson Banya; Editing by Alexandra Hudson, Mark Potter and Jan Harvey)