Home ยป AngloGold Ashanti Reports Strong Q3 Earnings Surge

AngloGold Ashanti Reports Strong Q3 Earnings Surge

AngloGold Ashanti reports $236 million in headline earnings for Q3 2024

by Feyisayo Ajayi
AngloGold Ashanti Reports Strong Q3 Earnings Surge.

Key Points


  • Headline earnings for Q3 2024 soar to $236 million, reversing last year’s loss of $194 million.
  • Adjusted EBITDA jumps 339% year-on-year to $746 million, reflecting strong production and higher gold prices.
  • Free cash flow rises 17-fold to $347 million, reflecting improved operational performance and cost control.

AngloGold Ashanti plc, a global gold mining company with a significant presence across four continents, posted a remarkable $236 million in headline earnings for the third quarter of 2024, marking a significant turnaround from a headline loss of $194 million in the same period last year.

Despite challenges in some regions, this robust performance was driven by higher gold prices and solid operational results across the companyโ€™s managed operations.

Operational performance and cost control

Gold production for the group in Q3 2024 totaled 657,000 ounces, slightly lower than the 676,000 ounces produced in Q3 2023. However, gold production from managed operations increased by 2 percent, totaling 586,000 ounces(oz), up from 577,000 ounces in the same period last year. Significant year-on-year production growth was recorded at key sites, including Obuasi (15 percent), Siguiri (9 percent) and Tropicana (14 percent).

Despite persistent inflationary pressures across several operating regions, AngloGold Ashanti demonstrated strong cost control. Total cash costs per ounce for the group rose 8 percent to $1,172/oz while all-in-sustaining costs per ounce (AISC) rose 10 percent year-on-year to $1,616/oz.

However, the companyโ€™s disciplined cost management helped to mitigate the impact of higher inflation and rising royalties linked to the higher gold price.

Strategic developments and future outlook

AngloGold Ashanti has also improved its portfolio with the proposed acquisition of Centamin plc, announced in September 2024. This acquisition, expected to close this month, will add the Sukari mine in Egypt to the companyโ€™s portfolio, enhancing its gold production profile with a Tier One asset. The acquisition is expected to drive further cost efficiencies and provide additional flexibility for AngloGold Ashanti’s capital allocation strategies.

For the year to date, the companyโ€™s gold production remained steady at 1.911 million ounces, nearly flat compared to the same period in 2023. With solid performance across its managed operations and strong cash flow generation, AngloGold Ashanti reaffirmed its full-year guidance for gold production, costs, and capital expenditures.

CEO Alberto Calderon remarked: โ€œTight control of costs and active management of working capital means that the higher gold price has flowed through to our bottom line. Weโ€™re targeting further improvements in production and margins to ensure a strong fourth quarter and continue to capitalize on the healthy gold price environment.โ€

With robust financial performance and strong operational momentum, AngloGold Ashanti is poised to finish 2024 on a high note and continue its growth trajectory into the future.

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