Will AngloGold Ashanti Hit Its 2025 Production Targets?

AngloGold Ashanti AU has set an ambitious production corridor for 2025: 2.900-3.225 million ounces, representing 9-21% year-over-year expansion. Currently tracking ahead of schedule, the company aims to sustain momentum through the final quarter. Looking ahead to 2026, output is projected to remain in similar territory, underpinned by a transformational asset acquisition that reshaped the company’s portfolio.

The Sukari Effect: Driving 2025 Momentum

The game-changer arrived in November 2024 when AngloGold Ashanti completed its acquisition of Egyptian producer Centamin, securing the Sukari mine—a flagship Tier 1, large-scale, long-life asset. This addition has already proven transformative. Through the first three quarters of 2025, Sukari contributed meaningfully to production, delivering 117,000 ounces in Q1, 129,000 ounces in Q2, and 135,000 ounces in Q3. On an annualized basis, Sukari carries the potential to produce approximately 500,000 ounces annually, positioning it as a cornerstone contributor to the company’s medium-term growth narrative.

With Sukari’s contributions embedded in operations, AngloGold Ashanti achieved 2.292 million ounces during the first nine months of 2025—a 20% increase compared to the same period last year. This trajectory positions the company well to meet or exceed full-year expectations.

Portfolio Breadth Underpins Growth

Beyond Sukari, the company’s established operations are performing impressively. Obuasi, a key Brazilian asset, has emerged as a standout performer. Production at Obuasi surged 31% year-over-year in Q2 and 30% in Q3, driven by improving ore grades and a controlled production ramp-up. These results suggest further upside potential as operational refinements continue.

Geita and Cerro Vanguardia added incremental production gains throughout the nine-month period, with Geita’s output climbing 6% in the third quarter. At Siguiri, management is executing targeted improvements—enhancing fleet utilization, expanding mining volumes, and introducing gravity recovery technology to optimize metallurgical extraction rates.

Peer Comparison: Where AU Stands

Within the competitive landscape, AngloGold Ashanti’s 2025 production profile compares favorably. Newmont Corporation NEM produced 1.42 million ounces in Q3 2025 (down 15% year-over-year) and maintains a full-year 2025 target of 5.9 million ounces, compared to 6.85 million ounces achieved in 2024. Agnico Eagle Mines AEM guides to 3.3-3.5 million ounces for 2025 after producing 3.4 million ounces in 2024. Q3 output stood at 866,963 ounces versus 863,445 ounces in the prior-year period.

Market Valuation & Stock Performance

AngloGold Ashanti’s equity has appreciated 274.7% over the trailing 12 months, substantially outpacing the Mining – Gold industry’s 139.7% gain. The Basic Materials sector climbed 28.6%, while the broader S&P 500 advanced 20.1%.

On a valuation basis, AU trades at a forward 12-month P/E multiple of 12.79X, sitting slightly below the industry average of 13.11X. The stock carries a Value Score of B. By contrast, Agnico Eagle Mines and Newmont command higher multiples at 17.57X and 13.31X, respectively.

Earnings Outlook & Consensus Estimates

Consensus expectations for AngloGold Ashanti paint an optimistic picture. The Zacks Consensus Estimate for 2025 sales reaches $9.67 billion, implying 66.9% year-over-year growth. Earnings per share guidance sits at $5.51, reflecting a 149.3% year-over-year surge.

For 2026, analysts expect a moderation in sales growth (down 13.3% year-over-year) while earnings are projected to expand 16.8%. EPS estimates for 2025 have risen 3.8% over the past 60 days; 2026 estimates have climbed significantly by 29.6% in the same window, suggesting growing analyst conviction regarding the company’s medium-term earnings trajectory.

AngloGold Ashanti currently holds a Zacks Rank #1 (Strong Buy) designation.

[This article originally published on Zacks Investment Research (zacks.com).](

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.