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Highlights

  • AngloGold Ashanti reports 30.8% revenue growth in Q3FY24, reaching USD 1,491 million
  • Net income turns positive at USD 234 million in Q3FY24, reversing last year's USD 222 million loss
  • AngloGold confirms 2024 production guidance of 2.65 to 2.85 million ounces, with costs between USD 1,500–1,600 per ounce

AngloGold Ashanti PLC (NYSE:AU) is a global gold mining company headquartered in the United Kingdom. With operations, projects, and exploration across nine countries on four continents, it also produces silver in Argentina and sulfuric acid in Brazil. The company's portfolio spans Africa, the Americas, and Australia.

In the third quarter of financial year 2024 (Q3FY24), the company reported a 30.8% YoY increase in revenue from product sales, reaching USD 1,491.0 million, driven by strong operational performance and a higher average gold price per ounce. Net income turned positive in Q3FY24 at USD 234.0 million, a significant turnaround from a loss of USD 222.0 million in Q3FY23, supported by higher revenue and increased interest income.

During the reported period, cash from operating activities surged by 125.4% YoY, totalling USD 1,278.0 million, reflecting improved net income and favorable changes in net working capital. Cash and cash equivalents also saw a 27.8% YoY increase, reaching USD 1,232.0 million, primarily due to the inflow from operations, partially offset by outflows in investing and financing activities.

Recent Business Update

On December 20, 2024, the company announced changes to its board committees, effective January 1. Alan Ferguson will assume the role of lead independent director, succeeding Rhidwaan Gasant, who will retire following the May 2025 Annual General Meeting.

Company Outlook

AngloGold Ashanti has confirmed that its 2024 guidance, originally issued in February.

  • The company expects gold production to range from 2.65 million to 2.85 million ounces, with managed operations contributing between 2.33 million and 2.49 million ounces, and non-managed joint ventures adding 320,000 to 360,000 ounces.
  • All-in sustaining costs per ounce are forecasted between USD 1,500 and USD 1,600 for the Group, with managed operations at USD 1,575 to USD 1,675, and non-managed joint ventures at USD 980 to USD 1,080.
  • Total cash costs are anticipated to range from USD 1,075 to USD 1,175 per ounce. Capital expenditure is projected at USD 1.13 billion to USD 1.36 billion, including USD 850 million to USD 1.05 billion for sustaining capital and USD 280 million to USD 310 million for non-sustaining capital.

Price Performance

Over the past three months, AU's share price has decreased by around 4.17%. However, looking at the longer-term performance, the stock has seen a significant gain of 51.11% over the past year. Currently, the stock is trading closer to the higher end of its 52-week range, which spans from a low of USD 15.80 to a high of USD 32.57. As of January 14, 2024, the stock closed at USD 26.40.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is January 14, 2025. The reference data in this report has been partly sourced from EODHD/Others.