Value by stakeholder

Value created

Value preserved

Value eroded

Investors and shareholders

Access to financial capital enables us to sustain and grow our business. Shareholders are the principal providers of capital. In delivering long-term value, we earn their support and ensure sustained access to capital.

Value created, preserved and eroded – 2022

For investors and shareholders:

Delivery on our strategic objectives, plans and growth projects contributes to improved returns, share price and market capitalisation:
- Share price declined by 7.3%, outperforming the benchmark Market Vectors Gold Miners Exchange Traded Fund, which fell by 11%
- Relative and absolute TSRs are based on a three-year trailing average using the average share price achieved in 2019 as the base ($16.74 a share) and comparing it to the average share price achieved in 2022. The share price increased by 13% over this period, including dividends paid of $1.09 a share between January 2020 and the end of December 2022
Absolute TSR was just short of the stretch target set, while the relative TSR performance is compared to a comparator peer group. The median TSR of the comparator peer group was 33.93% at 31 December 2022
Surplus funds returned to shareholders via dividends – dividend of 47 US cents per share declared for the year to give a total dividend payment of $194m

For AngloGold Ashanti:

Ensuring best possible credit rating profile to ensure lowest possible cost of debt:
- Improved balance sheet flexibility achieved with the new five-year multi-currency revolving credit facility arranged with a syndicate of 13 banks and maturing in June 2027. This new facility, which includes two one-year extensions on application and allows for a drawing in Australian dollars to a maximum of A$500m, replaces the previous $1.4bn revolving credit facility. Maintained investment grade ratings with Moody’s Investor Services and Fitch; S&P continues to rate AngloGold Ashanti at BB+
- Enhanced ESG performance results in inclusion in ESG indices – S&P Global Corporate Sustainability Assessment, Responsible Mining Index, FTSE4Good and Bloomberg Gender-Equality Index
- Achieved an improved rating in the MSCI ESG index of BB, from B previously
Prudent financial management and tight cost control, contributed to profitability
Disciplined, efficient capital allocation contributed to returns on equity, capital and assets

Contributing to the SDGs

Employees

Our employees, their skills, knowledge and experience are critical to the conduct of our business activities. A skilled, engaged, safe and healthy workforce is essential to delivering on our strategy and the creation of value.

Value created, preserved and eroded – 2022

For employees:

Provided employment and job opportunities; paying fair, market-related salaries and benefits, including healthcare; and providing skills development and training
- Employed 32,594 people (including contractors) on average, with $534m⁽¹⁾ paid in employee benefits, excluding skills development, to give an average annual payment per employee of $16,383, an increase of 22% over the past three years (2021: 30,561, $515m, $16,622 respectively; 2020: 36,952, $508m and $13,450 respectively)
- $8.94m spent on skills development (2021: $7.11m; 2020: $10.76m)
- Incentive schemes reward performance excellence
Improved safety performance – there were no fatalities at Company-operated mines and the TRIFR improved to 1.26 per million hours worked versus 2.14 in 2021 and 1.68 in 2020
51% reduction in the all occupational disease frequency rate year-on-year
Facilitated access to medical aid and healthcare programmes (malaria and mental health, among others)
- Conducted COVID-19 vaccination campaigns where practical to encourage employees and communities to vaccinate. Vaccination and booster coverage improved with 85% of our workforce and contractors now fully vaccinated
21% in the front reduction in number of employees exposed to silica levels exceeding occupational exposure limits
Promoted diversity, equity and inclusion
- 13%⁽²⁾ of our workforce is female (2021: 12.3%; 2020: 12.6%)
- 19% female representation in middle management (2021: 17%)

Payments to employees include salaries, wages and other benefits
Employees on payroll

For AngloGold Ashanti:

A stable, motivated and empowered workforce, working together to deliver on the strategic goals
Attracted and retained those skills necessary to the safe, efficient delivery on our strategy and enhanced productivity

Contributing to the SDGs

Suppliers

Suppliers provide inputs – raw materials, products and services – essential to the conduct of our business and its activities. We aim to ensure suppliers are aligned with business ethics and values, internal policies and standards, and codes of behaviour. Constructive engagement with suppliers facilitates cost management and control.

Value created, preserved and eroded – 2022

For suppliers:

By delivering on our strategic objectives and growth projects, we provided a reliable, steady market for suppliers
Procurement expenditure, especially that portion spent locally, contributed to and stimulated local economic activity:
- $4.20bn spent in total on the procurement of goods and services (2021: $2.61bn; 2020: $2.58bn)
Local preferential procurement, including, in-country capital expenditure, of $3.97bn* or 96% of total procurement (2021: $2.4bn and 93%; 2020: $2.1bn and 82%, respectively)
Ensured our procurement practices are aligned with best practice and do not enable the exploitation of people along the value chain

This amount includes in-country capital expenditure

For AngloGold Ashanti:

A well-established, reliable, cost-efficient supplier data base aids delivery on our strategy and in particular our aim to optimise overhead, costs and capital expenditure
Strong relationships with suppliers help ensure business continuity during disruptions to global supply chains, such as those currently being experienced
Published second annual Modern Slavery Statement

Contributing to the SDGs

Governments

Open, honest and respectful engagement with governments is important – such engagement relates to our licence to operate, our right to mine and explore, all necessary permits and regulatory compliance, and infrastructural and socio-economic partnerships.

Value created, preserved and eroded – 2022

For governments:

Contributed to the national fiscus in the countries in which we operate:
- $492m paid in corporate taxes, other taxes and royalties in total (2021: $489m; 2020: $846m)
- $182m paid in personal income tax on behalf of employees (2021: $167m; 2020: $209m)
Endeavoured to deliver on our obligations as an ethical, responsible corporate citizen
Collaborated to develop and provide local infrastructure (water reticulation, educational facilities, among others)

For AngloGold Ashanti:

Strong, constructive government relations:
- Facilitate partnerships, ethical conduct and good governance
- Help maintain permits and ensure regulatory licences to operate
- Assist in managing risk of regulatory uncertainty

Contributing to the SDGs

Collaboration on
infrastructure projects
contributes to:

Communities

Open, honest and respectful stakeholder engagement with communities supports our social licence to operate, promoting mutual understanding of their and our needs and expectations. Engagement with and action undertaken in relation to communities are underpinned by our values, particularly that communities should be better off for AngloGold Ashanti’s having been there.

Value created, preserved and eroded – 2022

For communities:

For communities:Focused community investment on development of local socio-economic projects that are economically viable and sustainable in the long term, that support resilient, self-sustaining communities and improve standards of living – such projects cover agriculture, education and infrastructure, among others:
- Major emphasis on host communities in and around our Africa operations
- $18.0m⁽¹⁾ invested in community socio-economic development projects (2021: $18.1m; 2020: $20.6m⁽²⁾)
- 8 livelihood projects underway
Provided local employment and procurement opportunities
- Local procurement spend of $3.97bn (2021: $2.4bn; 2020: $2.1bn), equivalent to 96% of total spend (2021: 93%; 2020: 82%)
146 complaints and grievances received (2021:447), of which 65% were resolved during the year (2021: 399; 89% respectively)
48 community incidents (2021: 12), with one major community incident in 2022 at Siguiri
Community resettlement initiatives being successfully undertaken in Brazil (Serra Grande), Ghana (Iduapriem) and Guinea (Siguiri)
Continued with the consolidation and review of our socio-economic legacy projects in South Africa, as agreed in terms of the sale of our assets in that country in 2019 and 2020. AngloGold Ashanti remains committed to ensuring that its legacy as one of South Africa’s largest gold producers endures for decades to come.
Conducted community healthcare initiatives such as the malaria programme in Africa and COVID-19 initiatives across our business
Continued with efforts to promote formalisation of ASM by supporting host governments’ initiatives

Includes equity-accounted joint ventures and projects of a capital nature
Excludes joint ventures and includes South African operations to date of sale

For AngloGold Ashanti:

Strong, constructive community relations support our social licence to operate
Mutually beneficial relations enable us to better understand and manage stakeholder needs and expectations, so guiding socio-economic project delivery
Reduced incidence of operational disruptions caused by community protests

Contributing to the SDGs

Our socio-economic community projects contribute indirectly to:

Environment

Mining is environmentally disruptive. Our business depends on access to economically viable gold deposits (land). Many of our activities impact land, air, water, biodiversity and host communities with whom we share these natural resources. Our environmental management programme aims to mitigate damage caused by land disturbance, to protect biodiversity and to ensure the responsible consumption of natural resources and management of waste.

Value created, preserved and eroded – 2022

For the environment:

Progressed delivery on our environmental obligations as a responsible corporate citizen – we aim to minimise our environmental impacts and help restore natural capital and preserve environmental value:
- Three reportable environmental incidents (2021: five; 2020: eight) action taken to address and mitigate impacts
- 18% improvement in the environmental incident rate to 1.24 per million tonnes mined (2021: 1.53)
- 3,861ha of land rehabilitated in total by end 2022 – total rehabilitation liabilities of $578m (2021: 3,643ha and $673m; 2020: 3,480ha and $659m, respectively)
- Of the 615,401ha under management, 555ha was newly disturbed and 233ha was rehabilitated during 2022 (2021: 639,709ha; 812ha; 165ha respectively)
- Introduced our Roadmap to Net Zero aimed at a 30% net absolute reduction in absolute GHG emissions (2021 baseline). See <SR>
- A 2.6x increase in renewable energy consumption to 1.32PJ (2021: 0.49PJ) contributed to holding absolute GHG emissions of 1.475Mt for 2022 below the 2022 carbon budget of 1.492Mt
Systems, plans and procedures in place to mitigate instances where we have eroded environmental value

For AngloGold Ashanti:

Improved environmental and ESG performance supported responsible investment in our equity and long-term valuation
Reduced environmental impact, in line with ICMM mining principles and our UNGC commitments
Complied with relevant regulations and committing to various standards (ISO standards, Cyanide Management Code, ICMM Principles)