Investment case

AngloGold Ashanti presents an attractive investment value proposition. As the world’s third largest gold producer the company, AngloGold Ashanti has a significant asset base, with detailed strategic plans to unlock and grow production to between 3.2Moz and 3.6Moz by 2025.

2020 performance highlights

Generated $1.0bn free cash flow (FCF) before growth - leading to fivefold increase in dividends

Added 6.0Moz of gross Ore Reserve - improving group reserve life to ~11 years

Streamlined, margin-focused portfolio - 10 operating assets and 2 greenfield projects

Prioritised the wellbeing of our employees and communities through our COVID-19 response

Significant balance sheet capacity - $2.8bn in liquidity, leverage > 80% below 1.0x target through the cycle

Provided 2-year detailed guidance, as well as 5-year indicative outlook on production, cost and capital

Our well-defined, disciplined and shareholder-focussed capital allocation framework is supported by significant cashflow generating ability, a strong balance sheet and our firm intention to return rewards to shareholders. Further debt reduction is envisaged.
Our self-generated and self-funded project pipeline is able to support substantial long-term production plans, and is complimented by our proven track record in replenishing and increasing ore reserves. Growth is only pursued where it is value-accretive, with a singular focus on risk-adjusted returns.
AngloGold Ashanti’s strong ESG focus is embedded into the way we work and act, and drives our plans and actions from exploration to construction, from operation to closure.