History
AngloGold Ashanti corrected its accounts, bought Centamin and Sukari, sold weaker assets, and built up Nevada, where a first reserve led to a proposed $2.0bn buyback.
2024: Restated accounts and the Centamin deal
The year opened with good operating news and a warning. On 23 February 2024 AngloGold Ashanti reported that second-half 2023 gold output rose 15% over the first half to 1.388Moz, making 2.593Moz for the year. It also declared a 9.1Moz Inferred Resource at Merlin in Nevada, taking its Nevada gold resource to 16.6Moz. But it said its FY2022 and first-half 2023 accounts should no longer be relied on, because of a possible error of up to about $146m in the deferred tax asset (a non-cash tax accounting item) at the Obuasi mine. On 19 March it confirmed the restatement, which cut FY2022 profit by a total of $65m. Full-year 2023 showed a loss attributable to shareholders of $235m, against a $233m profit in 2022. Production, costs and cash flow were unchanged.
In September the company agreed a recommended deal to buy Centamin, owner of the Sukari gold mine in Egypt, valuing it at about £1.9bn (US$2.5bn). Centamin holders were to receive 0.06983 new AngloGold shares plus $0.125 in cash per share, leaving existing AngloGold shareholders with about 83.6% of the enlarged company. Centamin shareholders approved the scheme on 28 October, the Jersey Court sanctioned it, and it became effective on 22 November 2024. Centamin was then delisted from London and Toronto. The new shares explain the rise in shares on issue from 419,729,856 at the end of 2023 to 503,527,052 at the end of 2024.
2025: Pruning and building in Nevada
After the acquisition the company began reshaping its portfolio. On 1 May 2025 it agreed to sell Centamin West Africa Holdings, which held the Doropo and ABC projects in Côte d'Ivoire, to Resolute Mining, saying it wanted to sharpen its focus on its US operating assets and development projects. Doropo was valued at US$175m, with US$150m in cash in tranches, plus either the Mansala project in Guinea or an extra US$25m in cash. ABC carried a US$10m milestone and a 2% royalty.
On 6 May AngloGold and Gold Fields paused talks on combining the Iduapriem and Tarkwa mines in Ghana, first proposed in March 2023. AngloGold said it had found changes to Iduapriem's standalone mine plan that could unlock significant value. The filing does not say the plan was cancelled. On 2 June it agreed to sell its smallest mine by production, Serra Grande in Brazil (80koz in 2024), to Aura Minerals for US$76m cash plus a 3% net smelter returns share, subject to conditions.
In July it agreed to buy Augusta Gold for C$1.70 per share in cash, about US$111m, adding the Reward and Bullfrog projects beside its existing Nevada claims. Closing depended on Augusta shareholder votes, and the filings seen do not confirm the outcome.
2026: A first Nevada reserve and a proposed buyback
On 26 March 2026 the company reported a first Probable Mineral Reserve of 4.9Moz for the Arthur Gold Project in Nevada, as at 31 December 2025. The pre-feasibility study pointed to a nine-year life at about 500,000oz a year, all-in sustaining costs of about $954/oz and capital of about $3.6bn. It was not an approved build, and management planned to seek Board approval in June 2026 to move to a feasibility study.
On 12 June 2026 the company said its Board had approved on 7 May a share buyback of up to $2.0bn. A shareholder meeting was set for 23 July 2026 to vote on it. The programme does not oblige the company to buy any set number of shares and can be suspended or stopped at any time.
Written from the 11 story beats below (2024 to 12 June 2026), which come from the company's own announcements and filings.