AngloGold Ashanti’s Sukari mine in Egypt delivered gross profit of $292 million in the first quarter (Q1) of 2026, marking an 80.25 % increase from its level in Q1 2025. Moreover, the total cash cost per ounce of gold produced from the mine during the period came at $826/oz, the lowest among all of Anglo Gold’s mines in Africa and Australia.
Yet, the mine saw a dip in output in Q1 2026, with production down 4,000 ounces year-on-year (YoY) as gold production was 113,000oz. The decline was mainly due to a 27% YoY drop in the concentration of the target mineral, driven by lower mined grades from underground operations. This was partially mitigated by the processing plant, which bolstered throughput by 10% to help offset the lower mineral concentration, according to a statement by the company.
Across the group, AngloGold delivered a strong financial performance. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged 130% YoY to $2.3 billion, while free cash flow jumped 190% to $1.2 billion in Q1 2026. Headline earnings, earnings derived from a company’s core operations, excluding gains or losses from one-time events, rose 187% to $1.3 billion, translating to $2.52 per share.
The balance sheet also improved significantly, shifting from $755 million in net debt last year to $868 million in net cash this quarter. Capital expenditure rose 39% to $467 million, underscoring AngloGold’s commitment to reinvestment in sustaining and growth projects.
Operationally, group production edged up 1% to 724,000 ounces, with managed operations contributing 666,000 ounces.
AngloGold Ashanti is a global gold mining company with a diverse, high-quality portfolio of operations, projects, and exploration activities across 10 countries on four continents. The company entered the Egyptian market in November 2024 following its acquisition of Centamin plc. Through this transaction, AngloGold Ashanti became the principal operator of the Sukari Gold Mine in the Eastern Desert in partnership with the Egyptian Mineral Resources and Mining Industries Authority (MRMIA).
