<>Integrated Report 2022

Our strategy

The overall aim of AngloGold Ashanti’s strategy is to generate sustainable cash flow improvements and returns over the longer term and, in so doing, to create and preserve value for all our stakeholders.

Together, the five
strategic focus areas work to ensure that AngloGold Ashanti is best placed to create value and be profitable, throughout the cycle.

Five strategic enablers


Disciplined capital
allocation and a strong
balance sheet

Engaged workforce;
prioritising employee
safety and health


Responsible corporate
citizenship with good
governance as the

Strategic aims by focus area

Focus area Aims Link to executive remuneration
(DSP (1) performance metric weighting)
2022 2023 (2)

Prioritise people, safety, health and sustainability

This focus area is the foundation of our business and strategy, ensuring alignment between our values and corporate citizenship responsibilities on the one hand and the business’s long-term growth, sustainability and profitability on the other.

People, safety, health
  • Engage with, motivate and reward employees
  • Retain those employees vital to our long-term sustainability and profitability
  • Promote diversity and inclusivity
  • Continue to improve conditions for employee safety and health
  • Strive for zero harm, our ultimate goal
  • Sustainability (environment and communities)
  • Be a responsible environmental steward by:
    • mitigating, minimising and remediating environmental impacts
    • promoting the efficient use of natural resources and encouraging responsible consumption

For progress made in 2022 in delivering on this strategic focus area, see Prioritise people, safety, health and sustainability

24% 24%

Maintain financial flexibility

Seeking to enhance financial flexibility will enable access to funding to weather periods of low gold prices, to reward shareholders and to act on strategic opportunities throughout the economic cycle. In particular, we strive to:

  • ensure sufficient liquidity (cash and available credit facilities) available to meet core funding needs, including growth requirements
  • implement a flexible, robust, effective capital allocation framework
  • maintain focus on cash generation

For progress made in 2022 in delivering on this strategic focus area, see Maintain financial flexibility

35% 35%

Optimise overhead, costs and capital expenditure

Systems are in place to assess whether investment and spending decisions are optimally structured and aligned with core business objectives. By optimising spending and investment, we aim to maximise our margins throughout the gold-price cycle, withstanding and even flourishing during periods of low gold prices and continuing to invest in the sustainability of our business without unnecessarily relying on dilutive equity top-ups.

For progress made in 2022 in delivering on this strategic focus area, see Optimise overhead, costs and capital expenditure

15% 15%

Improve portfolio quality

We actively manage our asset portfolio to improve the overall mix of our production base as we strive for a competitive valuation as a business. This is key to unlocking the full underlying value of the portfolio. We continue to invest in upgrading the overall quality and longevity of our portfolio by:

  • Developing new lower-cost mining operations
  • Extending the profitable lives of our existing operations through brownfields exploration and the discovery of new Mineral Reserve
  • Targeted acquisitions, implementation of joint ventures and divestments
  • Improving the efficiency of our mines, fleets and plants, a key aim of the Full Potential Programme

For progress made in 2022 in delivering on this strategic focus area, see Improve portfolio quality

15% 15%

Maintain long-term optionality

Our Mineral Resource and Mineral Reserve portfolios, our principle natural capital input, is essential to the successful growth of the business. Improving the quality of this natural capital enhances our ability to create value. To maintain long-term optionality, we aim to continually replenish and increase the Mineral Resource and Mineral Reserve pipeline to sustain the business over time. Key to achieving this are our exploration activities, both greenfields and brownfields, project development and targeted acquisitions. We aim to maintain and replenish a pipeline of economically viable orebodies to support the delivery of sustained long-term value-adding growth. By discovering, developing and exploiting viable orebodies sustainably and cost efficiently, AngloGold Ashanti positions itself to create long-term value.

For progress made in 2022 in delivering on this strategic focus area, see Maintain long-term optionality

11% 11%
  1. Deferred Share Plan (DSP), our long-term remuneration and reward incentive in place for executive management
  2. To be voted on/approved by shareholders at the May 2023 AGM. See the <NOM> and related voting proxy form for further details. For more detail on the link between delivery on strategic objectives and remuneration, see Rewarding delivery

2022 suite of reports

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