ANGLOGOLD Ashanti shareholders approved the firm’s plan to buy back up to $2bn of its own shares over the next five years, but it was a relatively close call.
Approaching a third of voting shareholders at the firm’s general meeting on Thursday were against the resolution, while 66% were in favour. The miner required a simple majority for the resolution to pass.
AngloGold unveiled its proposed buyback programme in May following a first-quarter performance that included another instalment of record cash flow. But proxy advisory ISS questioned the tactic.
It argued AngloGold was asking for too much latitude from shareholders even though the value of the buyback was much lower than similar capital management programmes announced previously by Newmont and Barrick Mining.
“Given the ‘Aggregate Cap’ ($2bn), the board does not consider that the five-year authorised period gives rise to any increased corporate governance risk,” said AngloGold of ISS’s criticism.
The share buyback comes against a background of vastly improved gold prices, which has made miners of the metal more profitable than they could have realistically wished five years ago. In 2025, the largest gold miners generated $25.8bn in free cash flow – almost three times the $9.2bn generated in 2024, according to data from Metals Focus, a UK precious metals consultancy.
By the first quarter, cash generation had reached another record; after total capex, cash flow increased to $10.7bn, up 10% quarter-on-quarter – a record increase since Metals Focus began its analysis in 2009.
