How we create value
To fulfil our purpose and mission, we have in place an integrated, robust business model and a strategy that is resilient and sufficiently flexible to respond to the constantly changing world in which we operate.
OUR VISION
To be the leading mining company
OUR MISSION
To create value for our shareholders, our employees and our business and social partners by safely and responsibly exploring, mining and marketing our products
OUR VALUES
Our six values guide all decisions made and actions taken in the conduct of our business. These values link our business activities to our environmental, social and governance (ESG) responsibilities
We aim to sustain value creation in the longer term, and endeavour to maintain flexibility in strategic decision making to respond to a dynamic operating environment and unpredictable economic and commodity cycles. Our business model depends on the following:
By understanding our context...
External operating environment
The global macro-economic, geopolitical and financial landscape, as well as the location of our operations and their specific political and social dynamics, all affect our ability to deliver on our strategy and to create value over time.
See Our external operating environment
Stakeholder engagement and key relationships
In conducting our business, we have an impact on stakeholders and they in turn, through their actions and expectations, have an effect on our business and our social licence to operate. Our approach to inclusive stakeholder engagement seeks to balance the interests and expectations of material stakeholders over time. Constructive, honest and respectful dialogue with stakeholders is vital to manage these expectations and any material issues identified.
Our most material stakeholders are:
...and identifying our material risks and opportunities...
Risks and opportunities
Understanding the world in which we operate, the supply and availability of the scarce resources we rely on to conduct our business, as well as stakeholder relationships and expectations, guides us in identifying, prioritising and managing our risks and opportunities. This enables effective planning to mitigate such risks, to act on opportunities and to achieve our strategic objectives.
See Managing our risks and opportunities
Material matters
Our materiality process is aimed at identifying, prioritising and integrating into our strategy and business model the most material matters affecting our ability to create value. Understanding and managing stakeholder needs, expectations and material concerns, and how we in turn affect them, is vital to the successful delivery on our strategy and to value creation.
See Materiality and our material matters, Integrated stakeholder engagement and material issues
...we strategise and allocate resources to...
Business model
We actively manage our activities as we try to mitigate negative impacts of our operations and seek to achieve positive outcomes.
Strategy
Mining is a long-term business, and so our strategy aims to create sustained value over the life of our mining operations and beyond. This involves careful allocation of key resource inputs – the natural, human, intellectual, financial, manufactured, and social and relationship capitals – which are essential to achieving this aim.
See Our strategy, Our business model and Delivering on our strategy
...create and preserve value for stakeholders
Sustained value creation over time requires responsible corporate citizenship and encompasses social upliftment, careful environmental stewardship, effective governance and the creation of economic opportunities for communities, suppliers and governments. Our mission to create value is supported by our emphasis on excellence in ESG performance, through our values and the foundation of our strategy – a relentless focus on people, safety and sustainability. Understanding the long-term impacts of decisions made on the allocation and the use of capital inputs, and the resulting strategic trade-offs, is essential to the long-term creation and preservation of value, while limiting value erosion.
Our most significant/material stakeholders and the associated values are:
Shareholders (investors, financiers)
Desired value creation:
To generate sustained growth in total shareholder returns. We are focused on consistently delivering improved cash flows through the cycle
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Employees and unions
Desired value creation:
To be an employer of choice and to provide the opportunity to earn, learn and develop in a safe, values-driven environment, while promoting inclusivity, diversity and non-discrimination. We actively promote localised employment in the countries in which we operate
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Communities
Desired value creation:
To contribute positively to socio-economic development. Our aim is that once mining ceases, host communities are resilient and self-sustaining
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Suppliers
Desired value creation:
To provide business opportunities and growth. We encourage local procurement where possible, as well as inclusivity and diversity
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Environment
Desired value creation:
To be environmentally responsible, to mitigate and limit the impact on the environment of our mining activities and where possible to protect, restore and rehabilitate the land and biodiversity. We aim to reduce carbon emissions and related intensities, and to minimise water withdrawal
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Governments
Desired value creation:
To be a responsible, law-abiding corporate citizen of the countries in which we operate and to pay our due contributions (taxes, royalties, duties) to government. We partner with government in the development of local services and infrastructure when and where necessary
See Our business model, Integrated stakeholder engagement and material issues, ESG performance – overview, Delivering on our strategy and Strategic capital trade-offs
Our business - what we do
1. Exploration and development
Establish and maintain a pipeline of economically viable and competitive projects to develop long-term mining operations. Exploration is a cornerstone of our business.
Capital inputs required:
2. Mining, processing and refining
Operate and maintain mining and processing infrastructure and equipment, and ensure a skilled and trained workforce to enable costefficient, safe operations.
Capital inputs required:
3. Sale of product, financial management
Sale of gold and by-products to generate revenue. Solid financial management and disciplined capital allocation ensures positive, sustained cash flow and returns.
Capital inputs required:
4. Rehabilitation and mine closure
Develop and maintain constructive stakeholder relations to support our regulatory and social licences to operate; minimise and mitigate our environmental impact and manage closure responsibly and in line with our values.