AngloGold quarterly profit up 58% as higher bullion prices offset lower output

AngloGold Ashanti posted a 58% increase in second-quarter profit on Friday, as higher bullion prices offset the impact of lower output.

The miner said its headline earnings were $1.01 billion in the three months to June 30, up from $639 million a year earlier.

AngloGold’s second-quarter gold production fell by 7% year-on-year to 744,000 ounces following the sale of Brazil’s Serra Grande mine in December 2025.

Output was also impacted by a 32% drop in gold production at the Obuasi mine in Ghana due to operational and equipment challenges as well as disruptions linked to a fatality in April 2026.

Although its half-yearly output was 3.7% lower year-on-year at 1.47 million ounces, AngloGold said it expects a stronger second-half performance to achieve its annual production forecast for 2026, between 2.8 million and 3.17 million ounces.

A 35% year-on-year increase in the average gold price received drove a 36% jump in AngloGold’s second-quarter free cash flow to $727 million.

AngloGold said it would pay a quarterly dividend of 72 cents per share, or $364 million, bringing the total payout in the first half of the year to $949 million.

The company has also proposed a $2 billion share buyback, which was approved by shareholders on July 23.

(By Olivia Kumwenda-Mtambo and Nelson Banya; Editing by Joe Bavier and Louise Heavens)