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Strategy & business model

The overall aim of AngloGold Ashanti’s strategy is to generate sustainable cash flow improvements and returns over the longer term and, in so doing, to create and preserve value for all our stakeholders.

Our five key strategic focus areas

Five key focus areas enable us to deliver on our overall strategy. They guide decision-making and are aimed at generating increased cash flows; extending mine lives; creating an organic pipeline of economically viable orebodies; and enhancing our social licence to operate.

For more detail on our strategy and its related strategic focus areas, see the 2022 <IR>: Our strategy

Overall, these strategic focus areas seek to ensure that:

  • Our portfolio is streamlined, optimised and margin-focused
  • A robust, disciplined capital allocation framework is in place
  • Our workforce is engaged, with employee safety, health and well-being as priorities
  • Responsible corporate citizenship, based on our values, and good governance are the foundation of all that we do
  • Prioritise people, safety, health and sustainability: This focus area is the foundation of our business and strategy, ensuring alignment between our values and corporate citizenship responsibilities on the one hand and the business’s long-term growth, sustainability and profitability on the other.
  • Maintain financial flexibility: Seeking to enhance financial flexibility will enable access to funding to weather periods of low gold prices, to reward shareholders and to act on strategic opportunities throughout the economic cycle
  • Optimise overhead, costs and capital expenditure: Systems are in place to assess whether investment and spending decisions are optimally structured and aligned with core business objectives. By optimising spending and investment, we aim to maximise our margins throughout the gold-price cycle, withstanding and even flourishing during periods of low gold prices and continuing to invest in the sustainability of our business without unnecessarily relying on dilutive equity top-ups.
  • Improve portfolio quality: We actively manage our asset portfolio to improve the overall mix of our production base as we strive for a competitive valuation as a business. This is key to unlocking the full underlying value of the portfolio.
  • Maintain long-term optionality: . Our Mineral Resource and Mineral Reserve portfolios, our principle natural capital input, is essential to the successful growth of the business. Improving the quality of this natural capital enhances our ability to create value. To maintain long-term optionality, we aim to continually replenish and increase the Mineral Resource and Mineral Reserve pipeline to sustain the business over time. Key to achieving this are our exploration activities, both greenfields and brownfields, project development and targeted acquisitions. We aim to maintain and replenish a pipeline of economically viable orebodies to support the delivery of sustained long-term value-adding growth. By discovering, developing and exploiting viable orebodies sustainably and cost efficiently, AngloGold Ashanti positions itself to create long-term value.

Business model

Delivery on our strategy involves optimising and balancing the use of scarce capital resource inputs to enhance positive outcomes and impacts (value created and preserved), and to minimise the negative (value eroded). This also entails ensuring that the required capital resources are available for future, sustained value creation.

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

Access to cost-efficient capital is vital to fund our business, sustain operations, ensure future growth, and to pay for the use of other capital inputs necessary to our business. Our main sources of funding are operational cash flow, debt and credit facilities, and equity.

Human capital

Human capital

The conduct of our business and delivery on our strategy depend on the skills and knowledge, productivity, behaviour and well-being of employees. Effective talent management enables AngloGold Ashanti to better navigate a volatile macro-economic environment and to achieve our strategic objectives.

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 2022 performance, inputs and the outcomes relating to each of these capitals, see the 2022 <IR>: Our business model.

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