<ir> 2019

Our strategy and investment case

Consistent delivery on targets, prudent cost management, maintaining balance sheet flexibility, and optionality to deliver value-adding growth, all while working towards zero harm in the workplace

OUR CORE STRATEGIC
FOCUS AREAS

Supporting our strategy for sustainable cash flow improvements and returns Improve portfolio quality Maintain long-term optionality Focus on people, safety and sustainability Ensure financial flexibility Optimise overhead, costs and capital expenditure

AngloGold Ashanti’s
investment case:

Prioritising margins over volume; and improving cost management

Ongoing portfolio improvements and rationalisation, extensive and proven worldclass exploration programme to maintain high-quality portfolio of long-life assets with a track record of disciplined capital allocation and project delivery

Transparent, decisive management team, focused on minimising risk and improving shareholder returns

Clear and predictable strategic approach with a decisive response to a lower gold price and maintaining discipline in a higher gold price environment

Balance sheet flexibility; appropriate liquidity, and maturities while within set covenant ratio

Well-developed engagement model ensures strong stakeholder relationships and maintains licence to operate

STEADY PROGRESS

  • Increase in
    free cash flow
    90%
    2019: $127m
    2018: $67m
  • Increase in
    average gold price received
    10%
    2019: $1,387/oz
    2018: $1,261/oz
  • Decline in
    adjusted net debt
    5%
    2019: $1.572bn
    2018: $1.659bn
  • Improvement in
    AIFR
    31%
    2019: 3.31
    2018: 4.81