AngloGold Ashanti completed its acquisition of Centamin plc on 22 November 2024, bringing Egypt's Sukari mine, its first modern, large-scale gold operation, into the AngloGold portfolio. AngloGold's own asset disclosures for FY25 report roughly 500,000 ounces of production at Sukari and all-in sustaining costs of about US$1,094 per ounce.
Executive summary
Sukari's FY25 disclosures show a Tier 1 asset performing at scale roughly a year after AngloGold closed its Centamin acquisition.
- Desk
- M&A
- Stance
- Constructive
- Sources
- 2 cited
- Reading
- 4 min
Section 01
The deal, one year on
Section 02
Why fundamentals investors care
Large gold M&A frequently disappoints because the acquirer overpays for reserves that later underdeliver. Sukari's post-deal performance suggests AngloGold bought a genuine Tier 1 asset at a defensible price, in a jurisdiction where it now has the operating history to expand thoughtfully.
AngloGold's own asset disclosures for FY25 report roughly 500,000 ounces of production at Sukari and all-in sustaining costs of about US$1,094 per ounce.
Data visualiser
All-in sustaining cost distribution, producer sample
- Q1 low1,180
- Median1,465
- Q3 high1,720
- Marginal1,985
| Stage | Value (US$/oz) |
|---|---|
| Q1 low | 1180 |
| Median | 1465 |
| Q3 high | 1720 |
| Marginal | 1985 |
Reported AISC for the producers covered by the markets desk this quarter.
Access private briefings
Desk alerts for the precious metals sector
Reserve evaluations, licensing changes and market notes, sent when the file moves. No promotional mail.
Sources and further reading
Access private briefings
Desk alerts for the precious metals sector
Reserve evaluations, licensing changes and market notes, sent when the file moves. No promotional mail.