AngloGold Ashanti Limited is a leading global gold mining company, headquartered in Johannesburg, with a portfolio of 21 operations spanning 10 countries on four continents. For 2009 reporting purposes, operations are divided into five regions – Southern Africa, Continental Africa, Australasia, North America and South America. In our current management structure, all of our African operations, all of our South African operations and all of our American operations fall under the executive vice presidents for Continental Africa, South Africa and the Americas respectively. The Australasian region is similarly represented at executive level by a regional senior vice president.
As at 31 December 2009, AngloGold Ashanti had 362,240,669 ordinary shares in issue and a market capitalisation of $14.6 billion (31 December 2008: $9.8 billion). AngloGold Ashanti’s primary listing is on the JSE Limited in Johannesburg. It is also listed on exchanges in New York, London, Paris and Brussels, Australia and Ghana.
At the end of 2009, the government of Ghana held approximately 3% of AngloGold Ashanti ordinary shares. The balance of the free float was held in the Americas (49%), South Africa (26%), the United Kingdom (12%), Europe (4%), Asia Pacific/the Middle East (3%) and other jurisdictions (3%).
In 2009 approximately 40% of AngloGold Ashanti’s production came from Southern Africa, including Namibia. Production from Continental Africa (Ghana, Tanzania, Guinea and Mali) made up a further 33%, South America (Brazil and Argentina) 13%, North America (USA) 5% and Australasia (Australia) 9%.
The bulk of AngloGold Ashanti’s operations are under its own management. Typically contractors are used for mining activity as a means of leveraging industry expertise, particularly at open-pit operations.
* Primarily centralised and corporate services
In 2009 AngloGold Ashanti employed 63,364 people around the world, comprising 49,908 employees and 13,456 contractors. As individuals, our actions and interactions are driven by our values. AngloGold Ashanti has a clear set of organisational values, which guide and influence our decisions as a company and the way in which we interact with stakeholders, business and social partners.
In 2009 AngloGold Ashanti produced 4.599Moz (143t) of gold, making the company one of the world’s leading gold producers. To put this figure in perspective, total global gold production in 2009 was estimated to be some 82.1Moz (2,533t).
AngloGold Ashanti’s own customers are typically banks acting as intermediaries in the supply chain. Gold sales take place either directly to these customers or to Rand Refinery Limited, a South African-based refining company which buys gold from AngloGold Ashanti either on its own account or acts as an agent for the company.
The geographical distribution of sales shown below reflects these arrangements and is based on the domicile of our immediate customers. It does not necessarily reflect the location of the end-user of the product. The largest end-use markets for gold are India, the Middle East, China and the USA.
Total oz gold sold in 2009
Revenue from gold sales in 2009
Although the bulk of AngloGold Ashanti’s revenue (96%) comes from gold, the company also produces uranium from its operations in South Africa and silver from its operations in Argentina. Both are mined as by-products of gold.
The company is well positioned for future growth through substantial greenfields and brownfields exploration project pipelines. AngloGold Ashanti’s track record of exploration discoveries compares favourably with its peer group: it has recorded five major finds since 2003, including in Colombia, Brazil, Australia and the Democratic Republic of the Congo (DRC). Currently, the company’s largest greenfields exploration projects are based in Western Australia, Colombia and the DRC. At 31 December 2009, the group’s proven and probable ore reserves amounted to 71.4Moz of gold (2008: 74.9Moz).