A gold mining company that digs for the precious metal at mines across Africa, the Americas, and Australia, producing gold used in jewelry, electronics, and as a store of value. It was born in 2004 when South Africa's AngloGold merged with Ghana's Ashanti Goldfields, combining the Anglo American mining legacy with a company whose Obuasi mine in Ghana has been worked for more than a century. The name itself is a handshake of two continents: "Anglo" from its South African roots and "Ashanti" from the Ghanaian kingdom where its oldest mine sits.
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
AngloGold Ashanti profit tripled to $3.17B in FY2025 as gold prices rose 45% and the Sukari mine contributed a full year.
Profit tripled as gold prices delivered the company's best year on record. rose 71% to $9.89B and reached $3.17B, driven by a $1,073/oz increase in the average realized gold price and a full-year contribution from the Sukari mine acquired in 2024. The company enters 2026 with $1.4B in cash and no gold hedges, but a in internal controls remains unremediated for a third year.
Key takeaways
reached $3.17B, up from $1.05B in 2024, as the average realized gold price climbed $1,073/oz to approximately $3,467/oz and managed gold sales volumes rose 437,000 ounces with a full year of Sukari production.
from product sales rose 71% to $9.89B, while total operating costs increased 26% to $3.66B — a gap that widened the to 63% from 29% the year before.
for managed operations rose 5% to $1,751/oz, as higher sustaining capital expenditure and operating costs were partly offset by increased sales volumes.
Cash from operating activities more than doubled to $4.78B, funding $1.87B in dividends paid — including $485M to Centamin non-controlling interests — and the completion of the Serra Grande divestiture.
The company recorded a $98M on the Quebradona exploration project in Colombia and a $47M loss on the sale of Côte d'Ivoire projects, contributing to a net impairment loss of $88M.
A in internal control over financial reporting, first identified in 2022, remained unremediated as of December 31, 2025.
What changed
The in internal controls flagged in 2022 and 2023 remained unremediated through year-end 2025, extending the risk of future restatements into a third year.
The Sukari mine integration, flagged as a margin watch item after the 2024 Centamin acquisition, contributed a full year of production and $296M in operating costs; rose only 5% despite the addition, suggesting the asset did not dilute the cost profile.
The $449M in disputed Tanzanian tax claims flagged in 2024 was not resolved, and the filing does not report a material change in the provision, leaving the liability outstanding.
What to watch
Whether the in internal controls is remediated in 2026 — three years unresolved raises the stakes for restatement risk.
The trajectory of , which rose 5% to $1,751/oz in a year of record prices; any reversal of the gold price would pressure margins if costs do not decline.
The status of the Quebradona project after its $98M and ongoing Colombian permitting challenges, which could lead to further write-downs or a decision to exit.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
AngloGold Ashanti faces gold price, FX, and interest-rate risk; it may hedge with derivatives but currently holds none for gold.
⌄
The Group is exposed to gold and other commodity price risk but currently has no derivative instruments to hedge gold price downside.
Foreign exchange risk arises mainly from US-dollar-denominated gold sales versus costs in Australian dollars, Tanzanian shillings, and Ghanaian cedis.
Interest rate risk stems from variable-rate borrowings, partially offset by variable-rate cash and holdings.
Capital allocation shifted: after $1.1B in and a $2.2B acquisition in 2024, more than doubled to $4.78B and dividends paid rose to $1.87B, while the company ended the year with $1.4B in cash and no gold hedges.
The Córrego do Sítio mine, placed on care and maintenance in 2023, was not mentioned as having resumed operations; the company instead completed the sale of Serra Grande in Brazil, exiting that higher-cost asset.
The impact of Ghana's increased sliding-scale gold royalty effective March 2026 on the Obuasi and Iduapriem operations, which together form a material part of African production.
Fixed-rate borrowings total $1,750 million ( $1,729 million) with maturities from 2028 onward, while variable-rate borrowings total $297 million.
Variable-rate cash and equivalents amount to $1,425 million, dominated by US dollars at a 2.6% average rate, providing a natural offset to floating-rate debt.
AngloGold Ashanti faces material risks from Colombian regulatory actions, operational hazards, geopolitical instability, and gold price volatility.
⌄
Colombian government actions, including declaring protected areas and denying permits, have suspended the La Colosa project and hampered Quebradona, with ongoing legal challenges.
Operational incidents in 2025, such as a TSF tear at Iduapriem and seepage at Siguiri, caused production shutdowns, fines, and highlight tailings management risks.
Political instability and security threats, exemplified by post-election unrest shutting down Geita and an armed intrusion at Obuasi, directly disrupt operations.
A in internal control over financial reporting was identified as of December 31, 2025, and remains unremediated.
Governments are seeking greater economic benefit from mining, with Ghana introducing an increased sliding-scale royalty on gold effective March 2026.
The Company recognized a $98 million on its Quebradona exploration project during 2025.
AngloGold Ashanti is a global gold miner with 10 operations across 8 countries, also producing silver and sulphuric acid by-products.
⌄
The company operates 10 mines across Africa, the Americas, and Australia, with Africa contributing 66% of 2025's 3.091Moz attributable gold production.
Key producing assets include the Geita (Tanzania), Kibali (DRC, 45% stake), Obuasi (Ghana), and Sukari (Egypt, 50% stake) mines.
A primary strategic focus is improving portfolio quality towards a 'Tier One' asset mix, supported by the Full Asset Potential (FAP) programme for operational efficiencies.
Greenfield projects are advancing in Nevada, USA, where the Arthur Gold Project declared a first-time Probable of 4.94Moz at its Merlin deposit.
The company completed the acquisition of Centamin plc (adding the Sukari mine) and divested the Serra Grande mine in Brazil during 2024-2025.
Gold is the main product, sold as doré bars to bullion banks, with by-products including silver from Argentina and sulphuric acid from Brazil.
Gold income surged 72% to $9.73B on higher prices and Sukari volumes, lifting profit to $3.17B despite cost inflation.
⌄
from product sales rose 71% to $9.89B, driven by a $1,073/oz increase in average realized gold price and 437k oz higher managed gold sales, including a full year of Sukari.
Total operating costs increased 26% to $3.66B, with Sukari adding $296M; royalties paid jumped 72% to $424M on higher gold prices and sales.
for managed operations rose 5% to $1,751/oz, as higher sustaining and operating costs were partly offset by increased sales volumes.
Profit for the period reached $3.17B, up from $1.05B, boosted by a $100M increase in share of profit from the Kibali joint venture due to higher gold prices.
Cash from operating activities more than doubled to $4.78B, while dividends paid surged to $1.87B, including $485M to Centamin non-controlling interests.
The company fully impaired the Quebradona project for $98M and recorded a $47M loss on the sale of Côte d'Ivoire projects, contributing to a net loss of $88M.