AngloGold Ashanti CFO Gillian Doran said the company will buy back shares only opportunistically and when it makes sense, not simply as another way to hand cash to shareholders. The company has a $2bn buyback programme over five years, but dividends remain its main return mechanism, set at 50% of free cash flow, with 62% returned through dividends in 2025. Her comments followed criticism from BlackRock's Evy Hambro of 'reckless capital allocation' by gold miners announcing large buybacks, with four major producers approving about $12bn in programmes in total. Doran said AngloGold is balancing returns with two growth projects, Arthur in Nevada and Quebradona in Colombia, due in the 2030s, while Quebradona still faces permitting and regulatory uncertainty.
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