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Strategy & business model

To fulfil our purpose and mission, we have in place an integrated, robust strategy and business model which aim to sustain value creation in the longer term. We endeavour to maintain flexibility in strategic decision making to respond to a dynamic operating environment and unpredictable economic and commodity cycles.

Our five key strategic focus areas

AngloGold Ashanti’s core strategic focus is to generate sustainable cash flow improvements and returns over the long term by focusing on five key areas:

  • Focus on people, safety and sustainability: people are the foundation of our business. To remain sustainable in the long term, we must clearly exhibit our values in the conduct of our business. This encompasses being accountable for our actions and decisions, and respecting all stakeholders and the environment. ESG principles are integrated into every aspect of our business.
  • Ensure financial flexibility: we must ensure our balance sheet always remains able to meet our core funding needs.
  • Optimise overhead, costs and capital expenditure: all spending decisions must be thoroughly scrutinised to ensure they are optimally structured and necessary to fulfil our core business objective.
  • Improve portfolio quality: we have a portfolio of assets that must be actively managed to improve the overall mix of our production base as we strive for a competitive valuation as a business.
  • Maintain long-term optionality: while we are focused on ensuring the most efficient day-to-day operation of our business, we must keep a close eye on creating a competitive pipeline of long-term opportunities.

These strategic areas, which guide decision-making, are aimed at generating increased cash flows; extending mine lives; creating an organic pipeline of economically viable orebodies; and enhancing our license to operate. The overall aim is creating and preserving value for all our stakeholders.

For more detail on our strategy and its related strategic focus areas, see Our strategy – an overview in the <IR> 2021

Business model

Our ability to create value depends on the use of and access to various capital inputs – this includes access to financial capital and economically viable orebodies, as well as to the necessary mining infrastructure, including utilities, plant and equipment, and a skilled and experienced workforce. Creating value entails optimising and balancing the use of these inputs, enhancing positive outcomes and impacts, minimising those that are negative, and delivering on our strategy.

Natural capital

Natural capital

Our primary business activity is the exploration for, development and operation of gold orebodies to transform these into economic and social value. To do this, we need:

  • Pipeline of economically viable Mineral Resource and Ore Reserve
  • Access to various natural resources – land, water and energy, among others

Financial capital

Financial capital

Our primary business activity is the exploration for, development and operation of gold orebodies to transform these into economic and social value. To do this, we need:

  • Pipeline of economically viable Mineral Resource and Ore Reserve
  • Access to various natural resources – land, water and energy, among others

Human capital

Human capital

Our primary business activity is the exploration for, development and operation of gold orebodies to transform these into economic and social value. To do this, we need:

  • Pipeline of economically viable Mineral Resource and Ore Reserve
  • Access to various natural resources – land, water and energy, among others

Manufactured capital

Manufucatured capital

Efficient conduct of our business relies on the development and maintenance of our mining operations and related infrastructure and equipment.

Social capital

Social capital

Stakeholders include communities, governments, NGOs, and investors, among others.

Relationships with many of our stakeholders support our license to operate, and must be based on trust and transparency. These relationships also help protect our reputation, and enable us to deliver on our strategy.

Intellectual capital

Intellectual capital

An ethical, performance-based culture, solid governance framework and efficient management systems, including enterprise risk management, are vital in facilitating delivery on our business strategy. Underpinning these is innovation and technology to enhance and optimise efficiencies and outcomes.


For detail on our 2021 performance, inputs and the outcomes relating to each of these capitals, see <IR> 2021: Our business model.

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