Colombian Mining & Exploration
Veta Madre Review
Subscribe

AngloGold Ashanti (NYSE: AU)

AngloGold Ashanti (NYSE: AU) is one of the world’s largest gold producers. In Colombia it now holds one major asset: the Quebradona copper-gold-silver project in Antioquia, which the company revived in 2026 after years of permitting setbacks.

Tickers: NYSE: AU | JSE: ANG | A2X: ANG | GSE: AGA · Headquarters: Not confirmed in sources reviewed (see 20-F cover page) · Data as of: Nov 4, 2026

AngloGold Ashanti at a glance

ProjectDepartmentCommodityStageOwnership
Quebradona (Nuevo Chaquiro)Antioquiacopper, gold, silver (molybdenum by-product)development stage; exploration phase extended to Dec 8, 2027; new EIA in preparationOperated through subsidiary Minera de Cobre Quebradona S.A.S. BIC; reported on an attributable basis with no partner disclosed
La Colosa (sold)Tolimagolddivested0%: AngloGold Ashanti Colombia S.A.S. sold to Mineros S.A., closed April 13, 2026
Gramalote (sold)Antioquiagolddivested0%: 50% interest sold to partner B2Gold (agreement announced Sept 2023)
Share price / market capUS$81.41 (NYSE close, Nov 3, 2026); about US$41.1B market cap (Motley Fool quote page). Refresh at publication
Shares in issue505,769,256 ordinary shares at July 30, 2026 (Q2 2026 earnings release)
Net cashUS$991M at June 30, 2026
2026 guidance2.8–3.17 Moz gold; managed-operation cash costs US$1,335–1,455/oz (Feb 20, 2026; reaffirmed July 31, 2026)
H1 2026 results1,468 koz gold; AISC US$1,998/oz; free cash flow US$1,895M
Dividends188 US cents per share declared for H1 2026 (US$949M)
Colombian spendCapex on Colombian projects US$2M in H1 2026
Next resultsQ3 2026 earnings release scheduled Nov 5, 2026 (MarketScreener calendar)

About AngloGold Ashanti

AngloGold Ashanti is a global gold miner with operations in Africa, Australia and the Americas. It guided 2.8–3.17 million ounces of gold production for 2026. In the first half of 2026 it produced 1.47 million ounces at an all-in sustaining cost (AISC, the full cost of sustaining production) of US$1,998 per ounce and generated US$1.9 billion of free cash flow. Net cash was US$991 million at June 30, 2026. Its primary listing is on the NYSE, with listings in Johannesburg, on A2X and in Ghana.

For investors in AngloGold Ashanti stock, Colombia is a small, long-dated option rather than a current earnings driver. Capital spending on ‘Colombian projects’ was only US$2 million in the first half of 2026. The company has exited its other large Colombian assets: it agreed in 2023 to sell its 50% of Gramalote to partner B2Gold, and in April 2026 it closed the sale of La Colosa (Tolima) to Mineros S.A.

Quebradona, in Jericó and Támesis in southwest Antioquia, is an underground copper-gold-silver deposit (the Nuevo Chaquiro porphyry). Its environmental licence application was archived by ANLA, the national environmental licensing authority, in 2021. After a change of government in August 2026, the ANM (the national mining agency) extended the exploration phase to December 8, 2027. The company has named a new local president and begun community consultations for a new environmental impact study (EIA).

AngloGold Ashanti’s Colombian projects

Quebradona (Nuevo Chaquiro)

Quebradona lies in the municipalities of Jericó and Támesis in southwest Antioquia. It is a copper-gold porphyry (a large, low-to-moderate-grade deposit formed around an intrusion) that AngloGold has explored since the mid-2000s. The plan is an underground mine with concentrate trucked in containers to an export port. In September 2026 the company cited a projected investment of about US$2.5 billion, a 21-year mine life and about 85,000 tonnes of copper a year.

Permitting has been difficult. ANLA archived the environmental licence application on October 25, 2021, citing gaps in the hydrogeology, tailings and subsidence studies. An archived application is not a refusal on the merits, so a new EIA can be filed. In June 2025, Ministry of Environment Resolution 0855 created a temporary natural-resource reserve over more than 37,000 hectares in six southwest Antioquia municipalities, including Jericó. Under the Petro government, the ANM refused to extend or suspend the exploration phase in October and December 2025, and the company appealed.

Under the new government the ANM reversed course in August 2026 and extended exploration to December 8, 2027. The company must complete geological, environmental and water studies and present a community strategy. Consultation meetings for the new EIA began in late August 2026; by September 28 the company reported 1,362 attendees at 38 meetings. AngloGold says ANLA review would take about 18 months once the EIA is filed. Its most recent stated schedule has construction starting in 2028 and lasting about four years, with first ore in 2032. Executive comments in October put first production in 2030–2031.

Resolution 0855 still applies. While it is in force, ANLA cannot grant the licence; the reserve runs three years from 2025 and can be extended by two. AngloGold filed a nullity lawsuit against the resolution in December 2025, which was still pending admission in October 2026. A separate October 2026 repeal of food-production protection areas (APPA) in southwest Antioquia does not affect Resolution 0855.

Resources: Mineral Reserve (Probable only): 120.01 Mt at 1.23% Cu, 0.67 g/t Au and 7.29 g/t Ag for 3,250 Mlb Cu, 2.60 Moz Au and 28.11 Moz Ag. Mineral Resource: Measured 45.15 Mt at 0.37 g/t Au and 0.69% Cu; Indicated 148.91 Mt at 0.34 g/t Au and 0.68% Cu; M&I 194.06 Mt at 0.34 g/t Au (2.15 Moz), 0.68% Cu (2,902 Mlb) and 4.60 g/t Ag (28.71 Moz); Inferred 305.94 Mt at 0.23 g/t Au (2.27 Moz), 0.48% Cu (3,231 Mlb) and 3.66 g/t Ag (36.05 Moz). SEC Regulation S-K 1300, as at Dec 31, 2025; Mineral Resources are reported exclusive of Mineral Reserves; unchanged in 2025 pending feasibility optimisation.

La Colosa (sold)

La Colosa, near Cajamarca in Tolima, is a large low-grade gold deposit that AngloGold suspended in 2017. Its Dec 31, 2025 S-K 1300 statement reported 833.49 Mt Indicated at 0.87 g/t Au (23.35 Moz) and 217.89 Mt Inferred at 0.71 g/t (4.98 Moz), with no reserve and about half the resource at risk from the Los Nevados páramo delimitation.

In March 2026 AngloGold agreed to sell the holding company to Mineros S.A. for US$10 million at closing plus up to US$60 million in contingent payments tied to an approved development plan and environmental licence. The sale closed on April 13, 2026.

Resources: No longer an AngloGold asset. Last AngloGold statement (S-K 1300, Dec 31, 2025): Indicated 833.49 Mt at 0.87 g/t Au (23.35 Moz); Inferred 217.89 Mt at 0.71 g/t Au (4.98 Moz).

Gramalote (sold)

Gramalote, in Antioquia, was a 50/50 joint venture with B2Gold, which managed it. In September 2023 AngloGold agreed to sell its 50% to B2Gold for US$60 million: US$20 million at closing and the rest in milestone-based tranches that lapse if commercial production does not start within five years.

Resources: No longer an AngloGold asset.

Latest AngloGold Ashanti news

Upcoming catalysts

  • Q3 2026 earnings release (scheduled Nov 5, 2026)
  • Filing of the new Quebradona EIA with ANLA (no date given; exploration phase runs to Dec 8, 2027)
  • Any decision on Resolution 0855: repeal, modification, or a court ruling on AngloGold’s nullity suit
  • ANLA licence decision (company estimate: about 18 months after filing)
  • Updated Quebradona feasibility optimisation and reserve statement (2026 year-end S-K 1300 report)

Management

  • Alberto Calderón, Chief Executive Officer. Colombian-born former BHP executive; named CEO in Q2 2026 SEC filing. One Oct 2026 report calls him executive chairman
  • Mateo Restrepo Villegas, President, Minera de Cobre Quebradona S.A.S. BIC. Appointed Sept 2026; former president of Continental Gold

Key risks for AngloGold Ashanti stock

  • Licensing: Quebradona has no environmental licence, and Resolution 0855 blocks one while it remains in force.
  • Social opposition in Jericó and Támesis, including protests and legal disputes with local farmers since 2023.
  • Political durability: management itself described a four-year window under the current government.
  • Technical: ANLA’s 2021 archiving cited water, tailings and subsidence gaps that the new EIA must address.
  • Materiality: Colombia is a small part of a multi-country gold producer, so Quebradona news may move AngloGold Ashanti stock little.
  • Mixed public timelines (first production 2030–2032) and production estimates (60,000–85,000 t copper a year) make the schedule hard to model.

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.