AngloGold Ashanti (AU) Q4 2024 earnings summary

Executive summary

• Achieved record safety performance with TRIFR at 0.98, significantly below industry average.

• Gold production rose 1% to 2.661Moz, with strong performances in Australia, Brazil, and the addition of Sukari.

• Free cash flow surged 764% year-on-year to $942m, driven by operational improvements and higher gold prices.

• Successfully executed strategic transformation, including new operating model, cost competitiveness, and U.S. headquarters relocation.

• Completed and integrated Centamin/Sukari acquisition, contributing to portfolio quality and future growth.

Financial highlights

• Adjusted EBITDA nearly doubled to $2.75bn, up 93% year-on-year.

• Basic earnings rose to $1.004bn, reversing a $235m loss in 2023.

• Free cash flow reached $942m, a 764% increase year-on-year.

• Adjusted net debt declined by 55% to $567m; net debt/EBITDA ratio improved to 0.21x.

• Net cash inflow from operating activities was $1.97bn, up 103% year-on-year.

Outlook and guidance

• 2025 gold production guidance: 2.9–3.225Moz; total cash costs: $1,125–$1,225/oz; AISC: $1,580–$1,705/oz.

• Capital expenditure for 2025 expected at $1,620m–$1,860m.

• Sustaining CapEx to rise modestly, mainly due to Sukari and Geita fleet replacements.

• Growth CapEx to increase, driven by Nevada expansion, Sukari pre-stripping, and Siguiri Block 3.

• Obuasi mine production expected to ramp up to 400,000oz per annum by 2028.