AngloGold Ashanti's first-half free cash flow, a non-GAAP measure, more than doubled to $1.895 billion as gold output slipped, with the company citing higher prices and joint-venture dividends as support.
The cash measure rose 102% from $938 million in the comparable 2025 period, while production fell 4% to 1.468 million ounces. Excluding Serra Grande, sold Dec. 1, 2025, the production decline was 2%, according to the company's July 31 earnings release.
Production in the quarter ended June 30 was 744,000 ounces, 7% below 804,000 in the year-earlier period. Quarterly free cash flow reached $727 million, up 36% from $535 million.
The company linked the quarter’s lower production to the Serra Grande sale and reduced output at Obuasi. It also cited planned sequencing and maintenance work at several operations. Obuasi produced 32% less gold than a year earlier. AngloGold Ashanti cited operating and equipment problems, as well as interruptions after a contractor’s fatality at the mine in April.
A 35% rise in the average gold price received, to $4,446 an ounce in the second quarter, helped support cash generation. Higher prices and increased dividends from joint ventures supported net cash flow from operating activities during the first half, while lower sales volumes, higher costs and taxes partly offset them, the company said.
The release also reported $2.810 billion in operating cash flow after adjustments. That company-defined figure is distinct from net cash flow from operating activities.
AngloGold Ashanti finished June with $991 million in net cash, compared with $311 million in net debt a year earlier. It declared $949 million in first-half dividends, and shareholders approved a proposed share repurchase program of up to $2 billion in July.
The company kept 2026 production guidance at 2.80 million to 3.17 million ounces. It produced 3.09 million ounces in 2025, within that range, and expects second-half output to exceed first-half production.
