AngloGold third-quarter EBITDA rises 12% as cash flow falls

Friday 6th November 2026

By inAfrika Newsroom

AngloGold Ashanti’s EBITDA for the quarter ended 30 September 2026 rose 12% to US$1.568 billion as higher gold prices offset lower production, while free cash flow declined to $722 million from $920 million a year earlier.

The company’s 5 November results put its average gold price received at $4,239 an ounce, against $3,490 in the third quarter of 2025. EBITDA is its non-GAAP measure of earnings before interest, tax, depreciation and amortisation.

Group production, including its attributable share of non-managed joint ventures, fell to 696,000 ounces from 768,000. The company cited planned changes in ore grades and short-term operating difficulties. The 2025 comparison includes Serra Grande, sold in December that year.

Free cash flow was reduced by lower sales volumes, higher spending and tax payments. Capital expenditure at managed operations rose 45% to $497 million, while net cash taxes paid increased to $174 million from $75 million. Free cash flow is a company-defined non-GAAP measure.

At Geita in Tanzania, quarterly output declined 4% to 120,000 ounces from 125,000, according to the operating statistics. Nine-month output was 364,000 ounces, against 379,000 a year earlier.

AngloGold also reported a worker’s death in an underground rockfall at Sukari in Egypt in August. It said operations had resumed after an investigation with authorities and a review of safety procedures.

The group retained its full-year production forecast of 2.8 million–3.17 million ounces. It outlined $750 million–$900 million of forecast spending over three years on expansions at Geita, Siguiri and Cuiabá; the intended additional output remains a target.

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