AngloGold Ashanti at Mining Forum Americas 2026: growth and cash flow

On September 28, 2026, AngloGold Ashanti (AAUC) presented its ambitious growth plan at Mining Forum Americas 2026. The company highlighted its focus on new production in Ethiopia, increased output in Mali and steady gains in Côte d'Ivoire. Management also noted a robust balance sheet and a forthcoming cash return policy, although they acknowledged that the Kurmuk project in Ethiopia is still in final commissioning and slightly delayed.

AngloGold Ashanti expects gold production to rise from 379,000 ounces in 2025 to between 600,000 and 650,000 ounces next year, and to approach 800,000 ounces by 2030. The Kurmuk project in Ethiopia is anticipated to become the company's primary growth engine, with all-in sustaining costs projected at around $1,300 per ounce. The Sadiola mine in Mali and the Côte d'Ivoire complex are being expanded through modular plant upgrades and exploration to extend the life of the mines.

The company reported a pro forma cash balance of CAD 487 million and intends to announce a cash distribution policy before the end of 2024. AAUC holds a 16% ownership of the company, while Zijin Mining Group owns 9.2%, underscoring their commitment to growth and returns. The business is portrayed as an established mid-tier gold producer with a growing production base and improving cash generation.

Last year, AngloGold Ashanti produced 379,000 ounces of gold. Current-year guidance is for 385,000 to 425,000 ounces from producing mines in Mali and Côte d'Ivoire. First-half production reached 193,000 ounces, with next year's guidance increasing to 600,000 to 650,000 ounces, representing a 58% to 72% boost from the current year.

By 2030, management expects annual output to reach approximately 800,000 ounces. Current all-in sustaining costs from the producing mines are about $2,200 per ounce, with improvements expected in the second half of this year.