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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.
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Responsible Mining Index
S&P Global

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