Search this website...

Investment case

As one of the world’s largest gold producers, AngloGold Ashanti has a significant asset base, with detailed strategic plans and an investment programme underway aimed at establishing an Ore Reserve pipeline and growing production in the long term. This investment programme is being augmented by a new operating model aimed at improving effectiveness, enhancing performance and flexibility, and which prioritises improved operating outcomes and consistency to enhance AngloGold Ashanti’s valuation and position in the sector throughout the commodity cycle.


  • 2.5Moz
    Gold produced
  • 123.Moz
    Mineral Resource
  • 3.5Moz
    Silver produced
  • 29.8Moz
    Ore Reserve
  • 173t
    Sulphuric acid produced
  • A new Operating Model and organisational structure are being implemented to improve performance quality and consistency
  • $4.0bn
    Revenue generated
  • $765m
    Adjusted net debt
  • $2.69bn
  • $1.8bn
    Adjusted EBITDA
  • $3,386m
    Economic value distributed
  • Liquidity remains strong providing good financial flexibility, a gross dividend of 20 US cents a share was declared for 2021


  • Our well-defined, disciplined and shareholder-focused capital allocation framework is supported by significant cash-flow generating ability, a strong balance sheet and our firm intention to return value to shareholders
  • Our self-generated and self-funded project pipeline, supported by substantial long-term production plans, is complemented by our proven track record in replenishing and increasing our Ore Reserve. We aim for value-accretive growth, with a singular focus on risk-adjusted returns
  • Our ESG focus is embedded in our decision-making and in the way we work and act. It informs our plans and actions from the initial exploration, to project development and the start of mining operations, throughout the productive life of our mining assets and through to closure. Sustainability and ESG are entrenched in our business, strategy, activities and processes, driving long-term value creation and underpinning our social licence to operate
  • As a responsible gold miner, we aim to create long-term value for all our stakeholders in partnership with host communities and governments
  • We are a constituent of the JSE Top 40 Index, the S&P Global CSA, the FTSE/JSE Responsible Investment Index Series (the FTSE4Good Index), the Responsible Mining Index and the Bloomberg 2022 Gender-Equality Index
S&P Global [logo]
FTSE4good [logo]
Responsible Mining Index [logo]