AngloGold Ashanti Limited (AU): BCG Matrix [Dec-2025 Updated]

You're looking at AngloGold Ashanti Limited's portfolio as of late 2025, and honestly, it's a company in motion, shedding legacy weight to focus on future winners. We've mapped their assets using the BCG Matrix, revealing that new Stars like Sukari and Obuasi are fueling a massive 141% year-on-year free cash flow jump, while reliable Cash Cows fund capex projected between $1.620$ billion and $1.770$ billion. Still, you need to see which high-cost Dogs are being cut and where the big bets-the Question Marks like the Beatty District-will land next.

Background of AngloGold Ashanti Limited (AU)

You know AngloGold Ashanti Limited (AU) as a major global gold miner with operations spread across Africa, Australia, and the Americas. The company has been executing a clear strategy focused on operational excellence and disciplined capital allocation throughout 2025, which has clearly paid off when you look at the recent results.

Honestly, the financial performance in the latter half of 2025 has been transformative. For instance, in the third quarter of 2025, gold production hit 768,000 ounces, marking a 17% year-on-year increase. This strong output, combined with a favorable gold price environment-remember the average realized price hit $3,287 per ounce in Q2 2025-drove exceptional cash generation.

To give you the numbers that really matter: Q3 2025 saw Free Cash Flow surge to $920 million, which is a 141% jump compared to the same period in 2024. Furthermore, Adjusted EBITDA more than doubled, rising 109% year-on-year to $1.6 billion. This financial strength allowed AngloGold Ashanti to move into a net cash position, reporting Adjusted net cash of $450 million as of September 30, 2025.

This operational momentum stems from key assets across the portfolio. The recently integrated Sukari mine in Egypt has become a top producer, contributing 129,000 ounces in Q2 2025 alone. Also, the Obuasi mine in Ghana showed significant improvement, with production increasing 31% year-over-year in Q2 2025 due to enhanced recovery processes. Other core assets like Geita in Tanzania and Tropicana continue to be vital contributors to the overall output, which management reaffirmed for the full year 2025 guidance between 2,900,000 and 3,225,000 ounces.

AngloGold Ashanti Limited (AU) - BCG Matrix: Stars

You're looking at the engine room of AngloGold Ashanti Limited's current growth, the Stars quadrant. These are the assets commanding high market share in markets that are still expanding, meaning they need capital to maintain that leadership position. Honestly, they consume cash as fast as they generate it, but they're the future Cash Cows, so investing here is key to the strategy.

The portfolio transformation is clearly centered on these high-growth, high-share assets. The result of this focus is evident in the third quarter of 2025 financials. You saw the Group's overall gold production increase by +17% year-on-year in Q3 2025, which is outpacing the general gold industry growth rate, showing you where the momentum is coming from.

Consider the Sukari Mine in Egypt. This new Tier 1 asset is a prime example of a Star, driving significant production growth right out of the gate. For Q3 2025, its output hit 135,000 ounces, marking its third consecutive quarter of growth since joining the portfolio. This asset is central to the growth story you're analyzing.

Then there's the Obuasi Mine in Ghana, a high-growth redevelopment project. Production there surged +30% in Q3 2025, thanks to the ongoing ramp-up and the implementation of the underhand drift-and-fill mining method. Management is targeting 400,000 oz/year by 2028 from this operation, which is a clear signal of its expected long-term dominance in that segment.

The financial payoff from this strategic shift is substantial. The portfolio transformation showed a free cash flow of $920 million in Q3 2025. That figure represents a 141% increase year-on-year, moving AngloGold Ashanti from an Adjusted net debt position to an Adjusted net cash position of $450 million at the end of September 2025. That's the kind of cash conversion you expect from assets hitting their stride.

Here's a quick look at how the key performance indicators stacked up for the Group in Q3 2025:

The operational strength underpinning these financial results is clear when you break down the contributions from the growth assets:

• Sukari Mine Q3 2025 output: 135,000 ounces.
• Obuasi Mine Q3 2025 production growth: +30%.
• Total cash costs per ounce: Increased by 5% to $1,225/oz.
• Total liquidity at quarter-end: $3.9 billion.

If onboarding at these key sites remains disciplined, you can expect these Stars to solidify their market positions and transition smoothly into the Cash Cow phase as the overall market growth rate moderates. Finance: draft 13-week cash view by Friday.

AngloGold Ashanti Limited (AU) - BCG Matrix: Cash Cows

You're looking at the core engines of AngloGold Ashanti Limited's cash generation, the assets that fund the rest of the portfolio's ambitions. These are the high market share units operating in mature segments, and for AngloGold Ashanti, they are the bedrock supporting the entire capital plan.

The company's projected 2025 capital expenditure is set between $1.620$ billion and $1.770$ billion, and these Cash Cows are the primary source of the free cash flow needed to support that investment level, service debt, and pay dividends. For instance, in Q1 2025, AngloGold Ashanti reported free cash flow soaring by 607% year-on-year to $403 million, with liquidity standing around $3 billion including $1.5 billion in cash and equivalents. This financial strength allows the company to maintain a disciplined approach.

The focus here is on milking these established assets efficiently, keeping promotional and placement investments low, and instead directing support capital toward infrastructure that boosts efficiency and cash flow further. The revised dividend policy reflects this stability, introducing a base dividend of $0.50 per share annually, payable in quarterly increments of $0.125 per share.

Here's a look at the operational performance that defines these Cash Cows, using the latest available full-year figures to illustrate their consistent contribution:

You can see the cost discipline at work. For example, the Africa managed operations reported a total cash cost of $1,212/oz in 2024, but Geita itself held a cost of $984/oz. Kibali, though facing a super profits tax that reduced its 2024 equity earnings by $53 million, still delivered an attributable total cash cost of $935/oz in 2024.

These core assets underpin the company's overall financial health, which saw revenue of $7.649 billion and an operating margin of 36.52% in 2024. The goal is to maintain this productivity level, ensuring they continue to generate more cash than they consume.

• Geita Operation: Delivered a steady 483,000 oz in 2024.
• Kibali Joint Venture: Attributable production was 309,000 oz in 2024.
• Tropicana Mine: Contributes reliable, established cash generation.
• Overall Group Guidance 2025: Production forecast between 2.900 Moz and 3.225 Moz.
• Overall Group Guidance 2025: Total cash cost forecast between $1,125/oz and $1,225/oz.

The strategy for these units is to 'milk' the gains passively, only investing enough to maintain their high market share and operational efficiency. This contrasts sharply with the investment needed for Question Marks. Finance: draft 13-week cash view by Friday.

AngloGold Ashanti Limited (AU) - BCG Matrix: Dogs

Dogs are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

For AngloGold Ashanti Limited, the Dogs quadrant represents assets that are either underperforming, non-core, or situated in markets where the company cannot achieve a competitive advantage, so the strategy is to minimize exposure or exit. You're looking at assets that require significant capital for marginal returns, which is not the best use of shareholder funds right now.

Siguiri Mine in Guinea is characterized by its operational challenges, which align with the Dog profile despite recent positive production swings. In the first half of 2025, AngloGold Ashanti achieved attributable production of 165,000 ounces from the 85%-owned mine. However, the third quarter of 2025 saw a significant disruption, with attributable production dropping 45% year-on-year to 39,000 ounces due to a plant shutdown from heavy rainfall. This volatility, stemming from issues like lower metallurgical recoveries and the need for equipment optimization, suggests it remains a unit requiring careful management or potential restructuring to improve its cost position relative to the portfolio.

The Córrego do Sítio (CdS) operation in Brazil is a clear candidate for the Dog quadrant, as AngloGold Ashanti placed it on care and maintenance in August 2023. This move followed a sustained period of negative operational results, including an All-in Sustaining Cost (AISC) of $3,031 per ounce and negative free cash flow of $30 million in the first six months of 2023. As of 2025, it is effectively a non-contributing asset, meaning cash is tied up in preservation and monitoring activities rather than active generation.

To sharpen focus on core assets and development projects, AngloGold Ashanti executed a strategic divestiture of legacy assets in Côte d'Ivoire. The company completed the sale of its Doropo and ABC gold projects to Resolute Mining in May 2025 for a total consideration of US$150 million. The Doropo project, which had a 2024 Definitive Feasibility Study projecting an AISC of US$1,047 per ounce, was deemed to require a different operational focus than AngloGold Ashanti's current strategy. This sale removes capital commitment from these non-core, earlier-stage or non-synergistic assets.

The overall cost profile of the portfolio helps define the Dog category. AngloGold Ashanti reaffirmed its full-year 2025 guidance for All-in Sustaining Costs (AISC) to be between $1,580 per ounce and $1,705 per ounce. For context, the company reported an AISC of $1,666 per ounce in the second quarter of 2025, which sits near the high end of this projected range. Operations that consistently track toward or above this upper band, especially those with low growth prospects, fit the profile of a Dog that should be avoided or minimized.

• Siguiri: Attributable production was 80,000 ounces in Q1 2025.
• CdS: Production suspended in 2023; reported negative free cash flow of $30 million in H1 2023.
• Divestments: Doropo and ABC sale consideration was US$150 million.
• Cost Benchmark: 2025 AISC guidance upper limit is $1,705 per ounce.

AngloGold Ashanti Limited (AU) - BCG Matrix: Question Marks

QUESTION MARKS for AngloGold Ashanti Limited (AU) represent business units or projects operating in high-growth markets but currently holding a low relative market share. These areas demand significant cash investment to fuel growth, often resulting in low or negative current returns, but possess the potential to transition into Stars if market share can be rapidly captured.

The strategy here is clear: either commit substantial capital to aggressively gain market share, or divest if the path to market leadership seems too costly or uncertain. For AngloGold Ashanti, these high-potential, high-cash-consumption areas are centered on recent acquisitions and strategic development plays.

Beatty District (Nevada, US)

The consolidation in the Beatty District, finalized with the acquisition of Augusta Gold in the fourth quarter of 2025, firmly places this region into the Question Mark quadrant. This move secures a foothold in what is described as one of North America's most prolific gold districts, requiring immediate capital to integrate and advance the assets. The total equity value for Augusta Gold was approximately C$152 million, which included an approximate US$111 million transaction value, plus US$32.6 million allocated for stockholder loan repayments.

The acquired assets are key to this high-growth market positioning:

• The Reward project has 370,000 ounces of Proven and Probable Reserves.
• Reward is projected to produce 39,000 ounces annually over a 7.6-year life of mine.
• The Bullfrog deposit adds 1.2 million ounces of Measured and Indicated Resources.
• The Reward Project shows a 33.4% Internal Rate of Return at a $2,400/oz gold price, with an All-In Sustaining Cost (AISC) of $1,328 per ounce.

This investment is designed to leverage shared infrastructure with existing AngloGold Ashanti claims to reduce unit costs, a necessary step to quickly convert this low-share, high-growth potential into a Star performer.

Iduapriem/Tarkwa Joint Venture (Ghana)

The proposed joint venture to combine AngloGold Ashanti's Iduapriem mine with Gold Fields' Tarkwa mine was a major potential growth play, intended to create Africa's largest gold-producing operation. However, discussions were mutually paused in May 2025 to allow both companies to focus on improving standalone performance. While the JV itself is currently on hold, the Iduapriem operation remains a high-potential asset requiring focused investment to maximize its standalone value, fitting the Question Mark profile until a clear path forward-either JV approval or successful standalone ramp-up-is established.

Here is the baseline performance data for Iduapriem prior to the pause:

Exploration Portfolio (Egypt and Côte d'Ivoire)

The Centamin exploration portfolio, inherited via the acquisition, represents high-risk, high-reward ventures for future reserve additions. While AngloGold Ashanti strategically divested the major Côte d'Ivoire assets, specifically the Doropo Project, on May 1, 2025, for a consideration including US$150 million in cash, the remaining exploration ground, such as the Eastern Desert Exploration (EDX) drilling program in Egypt, still fits the Question Mark description: high growth prospectivity but low current contribution to production.

The divested Doropo project, which was a key growth prospect, had the following metrics based on its Definitive Feasibility Study (DFS):

• Expected average annual production: 167,000 ounces over a 10-year mine life.
• Proven & Probable Reserve: 1.9 million ounces at a 1.53 g/t grade.

The decision to sell Doropo signals a prioritization of capital toward de-risked growth, like the Beatty District, over projects requiring further development capital in a competitive internal allocation environment.

Cuiabá (Brazil) Expansion

The Cuiabá complex in Brazil shows positive momentum, evidenced by a +6% year-on-year gold production growth in the third quarter of 2025. This growth, however, is sustained by ongoing investment, classifying it as a Question Mark that needs continued funding to secure long-term, low-cost output. In 2024, Cuiabá produced 271,000 ounces. The total cash cost for the complex in 2024 was $876/oz, marking a 16% improvement year-on-year, largely due to higher production levels.

The commitment to this high-growth market is substantial, with planned investment in Brazil for 2025 set at 1.1 billion reais (approximately $198 million), up from 900 million reais ($163m) in 2024, primarily designated for exploration to ensure future resource longevity. You need to watch the capital expenditure here closely; if production growth stalls, this asset quickly risks becoming a Dog.