<>Integrated Report 2022

How we create value

AngloGold Ashanti aims to deliver long-term, sustained value for shareholders and other stakeholders. We do this by delivering on our strategic objectives. We have in place a resilient, flexible strategy and integrated business model. We aim for agility in our strategic decision making and in our response to a dynamic operating environment.

Our mission
to create value is embodied in our focus on ESG performance.

Governance, ethics and values


Risks and


Material sustainability

Strategy, allocating


(creating value)

Exploration, development and targeted acquisitions

Grow and maintain a pipeline of viable orebodies to develop long-term mining operations

Mining and processing

Operate and maintain mining and processing infrastructure; ensure a skilled, trained and motivated workforce to enable cost-efficient, safe operations

Sales and financial management

Sale of gold and by-products to generate revenue. Solid financial management and disciplined capital allocation promote positive sustained cash flow and returns

Rehabilitation and closure

As a responsible corporate citizen, our aim is to minimise and mitigate environmental impacts and manage responsible mine closure

To create value and deliver on our vision and mission, the following key processes are in place, underpinning delivery on our strategic objectives:

Understanding our operating context – identifying risks, opportunities and material sustainability issues

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 dynamic, all affect our ability to deliver on our strategy and to create value over time. > See External operating environment.

Risks and opportunities

Understanding the world in which we operate, the availability of resources needed to conduct our business, as well as stakeholder relationships and expectations, guides us in identifying, prioritising and managing our risks and opportunities. This informs planning and action to effectively mitigate risks, to act on opportunities and helps enable us to achieve our strategic objectives. > See Managing our risks and opportunities

Stakeholder engagement

Understanding and managing stakeholder needs, expectations and concerns is vital to the successful delivery of our strategy and value creation. In engaging with stakeholders, we seek to balance their interests and expectations, prioritising what matters most to each stakeholder, in order to identify, create and share value accordingly. > See Integrated stakeholder engagement

Material sustainability issues

In addition, our materiality assessment process prioritises and integrates into our strategy and business model those material sustainability issues affecting our ability to create value over time. > See the <SR>

Strategising, allocating and managing scarce sustainable resources


Mining is a long-term business, and our strategy is to create sustained value over the life of our mining
operations and beyond. This involves the allocation of key resource inputs – the natural, financial, human, manufactured, social and relationship, and intellectual capitals.

Our five-pronged strategy forms the basis of our integrated approach to creating value by generating sustainable cash flow improvements and returns. > See Our strategy – an overview.

Business model

We actively manage our activities as we strive to mitigate negative impacts of our operations and seek to achieve positive outcomes.

Understanding the long-term impacts of decisions on the allocation and use of key capital inputs, and resulting strategic trade-offs, is essential to long-term value creation and preservation, and to limiting value erosion. > See Our business model and Performance and delivery by strategic focus area.

Creating and preserving value, and minimising its erosion

Sustained, long-term value creation 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 embodied in our focus on ESG performance. This is supported by our values and borne out by the foundation of our strategy – our enduring focus on people, safety, health and sustainability.

Those primary stakeholders for whom we create, preserve or erode value are shareholders, employees, suppliers, governments, communities and the environment. > See Our business model and Value by stakeholder.

Defining value by stakeholder

Investors and capital providers
  • Generating positive absolute and relative shareholder returns
  • Seeking to ensure favourable returns on debt funding
  • Being an employer of choice
  • Providing opportunities to earn, learn, develop and apply critical skills and intellectual capital in a safe, values-driven environment
  • Providing business opportunities – through local procurement and investment – that contribute to growth
Governments and regulators
  • Being a responsible, law-abiding corporate citizen and paying our dues to government (taxes, royalties, among others)
  • Partnering to facilitate successful delivery on broader, mutual economic and social objectives (local services and infrastructure)
  • Supporting, promoting and investing in creating resilient, self-sustaining communities
  • Respecting the environment – being a responsible consumer, and minimising and mitigating harmful impacts
  • Seeking to protect, restore and rehabilitate land and biodiversity

2022 suite of reports

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