Integrated Report 2022
STRENGTH
FOCUS
COMMITMENT
Our reporting theme
Contents
The theme of our 2022 reports is based on our
core competitive advantages. These are our:
STRENGTH
STRENGTH – in leadership, our Mineral Resource
and Mineral Reserve, our balance sheet and our
progressive focus on mitigating the risks of climate
change to garner a leading industry position
FOCUS
FOCUS – on implementing our new Operating
Model and on improved outcomes that include
reduced costs and the execution of brownfields
and greenfields opportunities
COMMITMENT
COMMITMENT – to delivering growth and superior returns
though our streamlined, focused portfolio and the disciplined
allocation of capital
AngloGold Ashanti is an
independent, global gold mining
company with a diverse, high-
quality portfolio of operations,
projects and exploration
activities across nine countries
on four continents. We pursue
value-creating opportunities
involving other minerals, where
we can leverage our existing
assets, shareholdings, skills
and experience.
Note:
• AngloGold Ashanti, the Company or the Group refers
to AngloGold Ashanti Limited
• Unless otherwise indicated, $ or dollar refers
to the US dollar throughout
• All information is attributable unless
otherwise specified
• Metric tonnes (t) are used throughout, and all ounces
are troy ounces
• Moz refers to million ounces; Mt refers to million tonnes
and Mlb refers to million pounds
• Rounding of numbers may result in computational
discrepancies
• The Mineral Resource, as reported, is inclusive of the
Mineral Reserve component unless otherwise stated
We put safety first, before anything else
Respect
We treat each other with dignity and respect
Respect
We treat each other with human dignity and respect
Integrity
We are honest and true to what we commit to
Integrity
We are honest and true to what we commit to
Sustainability
We make a positive contribution towards an enduring world
Sustainability
We make a positive contribution towards an enduring world
Excellence
We focus on continuous improvement towards a high performing culture
S Safety
Safety
We put safety first, before anything
E
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R
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S
E
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Collaboration
We work together to build a great company
Excellence
We focus on continuous improvement towards a high performing culture
Collaboration
We work together to build a better company
Value created, preserved, eroded
CFO’s report and outlook
Financial review
Economic value-added statement
Value distributed by stakeholder
Rewarding delivery
Section I: Remuneration and Human Resources
Committee – chairperson’s letter
Section II: Remuneration Policy report
Section III: Remuneration implementation report
(January – December 2022)
Supplementary Information
Forward-looking statements
Administration and corporate information
P104
P112
P116
P118
P125
P128
P139
P154
P155
Introducing our Integrated Report 2022
Board statement of responsibility
Introducing AngloGold Ashanti
About AngloGold Ashanti
Our footprint
How we create value
Our business model
Our strategy – an overview
P2
P5
P6
P7
P8
P10
P15
Governance for sustained value creation
Chairperson’s letter
Board leadership
Our corporate governance
World in which we operate
External operating environment
Managing our risks and opportunities
Integrated stakeholder engagement
Strategic response and delivery
CEO’s review and outlook
Executive Committee
Revitalising our culture, refreshing our values
P18
P20
P22
P33
P39
P47
P56
P58
P59
Performance and delivery by strategic
focus area
Prioritise people, safety, health and sustainability
Maintain financial flexibility
Optimise overhead, costs and capital expenditure
Improve portfolio quality
Maintain long--term optionality
Strategic trade-offs – impact on our capitals
Climate change disclosure
P61
P69
P71
P73
P75
P78
P82
Performance by region – Africa, Americas, Australia P85
Mineral Resource and Mineral Reserve – summary
P94
Exploration and planning for the future
P101
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Introducing our Integrated Report 2022
Our integrated report 2022 provides a concise overview of
AngloGold Ashanti’s overall performance and prospects to
enable informed decision making regarding our ability to
create, preserve and/or erode value in the short, medium and
long term, and thus on AngloGold Ashanti’s future viability
and sustainability.
We are committed to transparent, informed, consistent reporting
to a broad range of stakeholders. Our 2022 reports communicate
the progress we have made in delivering on our strategic
objectives and in creating value, in a dynamic and volatile
operating environment.
Reporting period
This report covers the financial year ended 31 December 2022
and the performance of AngloGold Ashanti and its subsidiaries
during this period. Any significant events occurring between this
date and the date of approval of this report by the Board on
15 March 2023 are also included.
Audience
While this report primarily addresses the information
requirements of long-term investors, shareholders and other
providers of financial capital, it also presents information on
value creation relevant to the interests of other stakeholders
such as employees, suppliers and business partners,
communities and governments.
Basis of preparation – reporting
frameworks and compliance
This integrated report is produced in compliance with the South
African Companies Act, 71 of 2008 (as amended), the JSE
Listings Requirements and in line with the recommendations
of the King Report on Corporate Governance for South Africa,
2016 (King IV). In compiling this report, we applied the guiding
principles and content elements as recommended by the IFRS
Foundation’s Integrated Reporting Framework (formerly the IIRC’s
International Integrated Reporting Framework).
Financial data was prepared in accordance with the International
Financial Reporting Standards (IFRS) and non-financial data
is aligned with the Global Reporting Initiative (GRI) Standards,
SASB, the Task Force on Climate-related Financial Disclosures
(TCFD), and the United Nations Sustainable Development Goals
(SDGs) and Global Compact (UNGC).
In addition, we considered the World Gold Council’s Responsible
Gold Mining Principles (RGMPs), the principles of the
International Council on Mining and Metals (ICMM) and the
guidelines of various sustainability indices prepared by ESG
ratings agencies, such as the FTSE/Russell Responsible
Investment Index (FTSE4Good), the S&P Global Corporate
Sustainability Assessment (CSA) and the Bloomberg Gender-
Equality Index (GEI).
Our 2022 reports
for the year ended 31 December 2022
Integrated Report 2022
STRENGTH
FOCUS
COMMITMENT
Sustainability
Report 2022
STRENGTH
FOCUS
COMMITMENT
Mineral Resource and
Mineral Reserve Report 2022
STRENGTH
FOCUS
COMMITMENT
Integrated Report
Mineral Resource
and Mineral
Reserve Report
Sustainability
Report
Annual Financial
Statements
Notice of Annual General Meeting and
Summarised Financial Information
(Notice of Meeting)
The full set of 2022 reports is
available at:
reports.anglogoldashanti.com
Contributing to the SDGs
We are committed to making a meaningful contribution to the United Nations SDGs. The SDGs provide a useful framework to
facilitate the monitoring of our environmental and social performance and related impacts, positive and negative. We have identified
and prioritised nine SDGs on which, we have a positive impact through our core activities and by delivering on our strategic
objectives. They are:
Throughout this report, we have indicated where we have impacted particular SDGs.
Reporting scope and boundary
Integrated reporting boundary
ANGLOGOLD ASHANTI LIMITED
Financial reporting boundary
Subsidiaries, joint ventures, investments
1
Strategy
2
External operating
environment
3
Risks
4
5
Opportunities
Outcomes
STAKEHOLDERS
Shareholders/
Investors
Employees
Governments/
Regulators
Suppliers
Communities
The information provided is considered relevant and material
to current and future stakeholders. We focus primarily on those
matters with the potential to materially affect our ability to create
and preserve sustained value or to minimise its erosion.
This is a Group-level report covering the entire Company, its
joint ventures and investments. All managed operations are fully
reported. Our joint venture, Kibali*, is partially reported.
* More detailed information on Kibali (AngloGold Ashanti: 45%) is provided on
the corporate website of our joint venture partner, Barrick Gold Corporation
(Barrick), which manages the operation.
While the information presented in this report may be considered
relevant to the interests of current and future investors and/
or other stakeholders, inclusion of such information is not an
indication that we deem such information to be material to an
investment decision related to our securities.
The primary focus is those matters with the potential to
materially affect our ability to create and preserve sustained
value or to minimise its erosion, while also taking into
consideration the various perspectives of our stakeholders.
Materiality and material sustainability issues
As the primary audience for this report is our stakeholders,
including our shareholders, employees, suppliers and business
partners, communities and governments, its focus is those
issues that may be considered relevant to our ability to create
value in the short, medium and long term.
Shareholders invest in AngloGold Ashanti to earn dividends
and for capital appreciation, measured in aggregate by total
shareholder returns. In light of this, we consider our most
significant issue to be sustaining profitability and growing our
business, as measured by all-in sustaining costs, free cash
flow, adjusted EBITDA and normalised cash return on equity
(nCROE). These metrics are acknowledged in our remuneration
policy – see Rewarding delivery. Access to capital to fund
future growth and development is also influenced by our long-
term outlook for profitability.
Double materiality – financial and
non-financial reporting
This report covers both financial and non-financial (social,
environmental and governance) information relating to our
performance, risks, opportunities and outcomes. We consider
the impact of society and the environment on AngloGold Ashanti
(risks, opportunities and material sustainability issues) and our
business activities as well as AngloGold Ashanti’s impact on
society and the environment (outcomes), in line with the concept
of double materiality.
Integrity of integrated reporting process
Initial steps in the integrated reporting process included an
evaluation of the previous year’s report to identify areas for
improvement and enhanced disclosure as well as benchmarking
Stakeholder feedback
We welcome feedback on our reporting. Should you have
any comments or suggestions on how we could improve the
quality of our reports, contact our investor relations team at:
investors@anglogoldashanti.com
Navigating this report
This document is an interactive PDF
with all active hyperlinks indicated by
orange or white, italic font.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Introducing our Integrated Report 2022 continued
Directors’ statement of responsibility and commitment
and gap analyses to improve alignment with best practice.
The report content is based on Board reports, presentations,
written submissions and discussions with key Executives and
Board members.
The Audit and Risk Committee, on behalf of the Board, approves
and monitors the auditing and assurance of all reporting
and related processes. See our for the Audit and Risk
Committee’s chairperson’s report.
Disclosure is overseen by a working group comprising executive
management and subject specialists that is led by the Chief
Financial Officer. All Executive Committee and Board members
participate in the approval process while internal audit, together
with external auditors and independent assurance providers, also
has oversight of the report and related process.
The report was reviewed by the working group on 6 March
2023, prior to its submission to the Audit and Risk Committee,
which approved and recommended the report to the Board for
final approval.
Approval and assurance
While this integrated report is not independently assured as a
whole, certain information was subject to either an internal or
external audit as follows:
• Annual financial statements
– includes all financial
information in this report
• Sustainability (non-financial)
data
• Operating and other
financial and non-financial
data, compliance and risk
management
• External financial audit
(Ernst & Young (EY))
• External assurance* of
selected sustainability
metrics (IBIS Consulting)
• Internal audit (overseen
by the Audit and Risk
Committee)
*
In 2022, the AA1000 Assurance Standard (AS) for external assurance was
used, replacing the ISAE 3000 Standard used previously. The following
assurance comparisons apply:
Reasonable (ISAE 3000) = High (AA1000AS)
Limited (ISAE 3000) = Moderate (AA1000AS)
For those metrics assured by IBIS, see their independent assurance report
in the .
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Internal audit and related approval processes include, among
others, regular management reviews of information and data
published. Management also verifies the processes that
determine all non-financial information.
Our operations are subject to risk-based, integrated, combined
assurance reviews of the financial, safety, compliance and
sustainability aspects of our business. The outcomes of these
internal processes and external assurance, as well as of any
independent technical reviews, provide reasonable assurance to
allow the Board, on the recommendation of the Audit and Risk
Committee, to determine the effectiveness of our internal control
systems and procedures, and thus help to ensure the accuracy of
the information presented in our reports.
“Our 2022 reports
communicate the
progress made in
delivering on our
strategic objectives and
in creating value, in a
dynamic and volatile
operating environment.”
The Board is responsible for ensuring the integrity of this Integrated Report. The Board, supported by the Audit and Risk Committee,
believes that the report complies with the IFRS Foundation’s Integrated Reporting Framework and that it presents a fair, balanced and
integrated view of AngloGold Ashanti’s strategy, performance, risks, opportunities and outlook.
The Board is confident that this integrated report identifies all those issues considered to be material sustainability issues that are
significant to our ability to create value over time and that it will enable informed decision-making on our long-term prospects by
investors, shareholders and other stakeholders.
The report was prepared under the guidance and supervision of senior management and was subject to a rigorous internal and
external review process before being submitted to the Audit and Risk Committee, which is responsible for oversight of the report.
This committee, having reviewed the content and drafting and collation and assurance processes, recommended it for approval by
the Board.
The Board approved this integrated report on 15 March 2023.
Board Chairperson:
Maria Ramos
Audit and Risk Committee Chairperson:
Alan Ferguson
Independent Non-Executive Directors:
Rhidwaan Gasant (Lead Independent Non-Executive Director), Kojo Busia, Albert Garner, Scott Lawson, Maria Richter, Jochen Tilk
Executive Directors:
Alberto Calderon
Chief Executive Officer (CEO)
Gillian Doran
Chief Financial Officer (CFO)
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
About AngloGold Ashanti
Our footprint
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)
goals and commitments.
2022 at a glance
Produced 2.742Moz of
gold, our principal product,
and employed an average
of 32,594 people (including
contractors) (2021:
2.472Moz; 30,561 people)
Produced 3.6Moz of silver
and 159t of sulphuric acid
as by-products at
our operations.
Reported a significant
asset base as at
31 December 2022– total
gold Mineral Resource
of 131.4Moz, including a
30.4Moz Mineral Reserve
Listed on the
Johannesburg, New
York, Australia and
Ghana stock exchanges
Geographically diverse
shareholder base that
includes the world’s
largest financial
institutions
Market capitalisation
of $8.1bn as at
31 December 2022
(2021: $8.8bn)
Included in the JSE Top 40 Index, the S&P Global CSA,
the FTSE/JSE Responsible Investment Index Series (the
FTSE4Good Index), the Responsible Mining Index and the
Bloomberg Gender-Equality Index 2023.
Investment case
• We are working to regain cost
competitiveness with our peer group
through the optimisation of our
operating assets and by introducing
new, lower cost production sources to
our portfolio.
• A well-defined, disciplined and
shareholder-focused capital allocation
framework is supported by significant
cash-flow generating ability, a strong
balance sheet and our firm intention to
return value to shareholders.
• Our self-generated and self-funded
project pipeline, supported by
substantial long-term production plans,
is complemented by our proven track
record in replenishing and increasing
our Mineral Reserve. We aim for value-
accretive growth.
• Our ESG focus is embedded in our
decision-making and in the way we
work and act. It informs our plans and
actions from the initial exploration,
to project development and the start
of mining operations, throughout the
productive life of our mining assets
and through to closure. Sustainability
and ESG are entrenched in our
business, strategy, activities and
processes, driving long-term value
creation and underpinning our social
licence to operate.
• As a responsible gold miner, we aim
to create long-term value for all our
stakeholders in partnership with host
communities and governments.
Legend
Operations
Projects
Exploration
4
5
6
7
8
3
2
1
Americas
1. Argentina
Africa
5. Guinea
Cerro Vanguardia (92.5%)
Siguiri (85%)
2. Brazil
Serra Grande
AGA Mineração
3. Colombia
Gramalote (50%) (1)
La Colosa
Quebradona
4. United States of America
Silicon, North Bullfrog (2),
Mother Lode (2), Sterling (3)
6. Ghana
Iduapriem
Obuasi
7. Democratic Republic of
the Congo (DRC)
Kibali (45%) (4)
8. Tanzania
Geita
9
Australia
9. Australia
Sunrise Dam
Tropicana (70%)
(1) Gramalote is managed by B2Gold
(2) North Bullfrog and Mother Lode acquired with
acquisition of Corvus Gold Inc. (Corvus Gold) in
January 2022
(3) Sterling, which includes the Crown Block
deposit, acquired with acquisition of Coeur
Sterling Inc. (Coeur Sterling) in November 2022
(4) Kibali is operated by Barrick Gold Corporation
(Barrick)
(5) Includes joint ventures
Note: Percentages indicate the
ownership interest held by AngloGold
Ashanti. All operations are wholly owned
unless otherwise indicated.
Total attributable production (contribution to Group):
0.569Moz (21%)
1.635Moz (60%)
0.538Moz (19%)
Total Mineral Reserve (includes projects):
7.19Moz
Average employed (includes contractors):
9,498 people
20.59Moz
2.63Moz
19,807 people
1,532 people
Operating cash flow (5) (contribution to Group, includes projects):
$129m (8%)
$1,108m (72%)
$300m (20%)
Capital expenditure (includes projects):
$339m
$576m
Total community investment (includes projects):
$6.4m
$10.2m
$202m
$0.98m
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
How we create value
How we
create value
G o v e r n a n c e , e t h i cs, values
S t a k e h o l d e r s
Material
sustainability
issues
Strategy,
allocating
resources
Business
model
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s
k
s a
o r t u
R i s
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C o ntext
a n alysis
(cre
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e)
m
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e,
1
Exploration,
development
and targeted
acquisitions
Grow and maintain a pipeline
of viable orebodies to develop
long-term mining operations
2
3
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
4
Rehabilitation and
closure
As a responsible corporate
citizen, our aim is to minimise
and mitigate environmental
impacts and manage
responsible mine closure
8
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
Defining value by
stakeholder
Investors and capital providers
• Generating positive absolute and
relative shareholder returns
• Seeking to ensure favourable returns
on debt funding
Employees
• Being an employer of choice
• Providing opportunities to earn, learn,
develop and apply critical skills and
intellectual capital in a safe, values-
driven environment
Strategising, allocating
and managing scarce
sustainable resources
Strategy
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.
STRENGTH
COMMITMENT
Suppliers
• 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)
Communities
• Supporting, promoting and investing
in creating resilient, self-sustaining
communities
Environment
• Respecting the environment –
being a responsible consumer, and
minimising and mitigating harmful
impacts
• Seeking to protect, restore and
• Partnering to facilitate successful
rehabilitate land and biodiversity
delivery on broader, mutual economic
and social objectives (local services
and infrastructure)
9
To create value and deliver on our vision and mission, the following key processes are in place, underpinning delivery on our strategic objectives: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.AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Our business model
Delivery on our strategy involves optimising and balancing the use of scarce capital resource inputs to enhance positive
outcomes and impacts (value created and preserved), and to minimise the negative (value eroded). This also entails ensuring
that the required capital resources are available for future, sustained value creation.
Our capital inputs and related actions – 2022
NATURAL CAPITAL
Began year with:
• Mineral Resource of 123.2Moz, including a Mineral
Reserve of 29.8Moz
• 639,709ha of land under management
• Active greenfields and brownfields exploration
programmes to identify potentially viable orebodies
• Ongoing brownfields and greenfields development
projects to develop and maximise the potential of our
Mineral Resource and Mineral Reserve
During the year:
• Treated/milled 42.9Mt of ore
• Consumed 22.74PJ of energy
• Withdrew 34.72GL of water
• Spent $205m on brownfields and greenfields exploration
• Completed conversion of Brazil tailings storage facilities
(TSFs) to dry stacking – total cost of $244m over
three years
• Achieved progress on our Climate Change Strategy to
address energy consumption and greenhouse gas (GHG)
emissions; published new GHG emissions targets to reduce
absolute Scope 1 and Scope 2 GHG emissions by 30%
by 2030 (as compared to 2021), in addition to our prior
commitment to achieve net zero GHG emissions by 2050
and, in partnership with our value chain partners, to set
Scope 3 GHG reduction targets
FINANCIAL CAPITAL
Access to cost-efficient capital funds to sustain our
business and ensure future growth. Investment in the
business aims to enhance performance and efficiency, to
improve margins and sustainably extend operating lives.
Main sources are operating cash flow, borrowings (bond
and credit facilities), and equity.
Began year with:
• Total equity of $4.09bn
• Cash and cash equivalents of $1.1bn
• Adjusted net debt of $765m
• Undrawn credit facilities of $1.45bn
• Market capitalisation of $8.8bn
During the year:
• Generated $1.804bn in operating cash flow (2021:
$1.268bn). The 42% increase was mainly due to higher
gold sold, lower cash taxes and higher dividends received
from joint ventures, partly offset by higher cash costs,
working capital outflows, and the marginal lower gold
price received. See CFO’s report and outlook
• Replaced $1.4bn five-year unsecured multi-currency
revolving credit facility with a new five-year unsecured
$1.4bn multi-currency revolving credit facility
• Incurred capital expenditure (including equity-accounted
joint ventures) of $1.1bn
INTELLECTUAL CAPITAL
SOCIAL AND RELATIONSHIP CAPITAL
Began year with:
Began year with:
• Integrated, focused strategy supported by sound
• Dedicated community engagement structures to foster
HUMAN CAPITAL
Began year with:
• Safety policy and functional support dedicated to
furthering our goal of zero harm and eliminating fatalities
at the mines operated by the Company
• Experienced, diverse leadership team and Board
• Policy promoting equality, diversity and inclusivity
• Employee localisation a priority
• Motivational reward structures linked to performance and
strategic delivery
During the year:
• Employed an average of 32,594 people, including 18,599
contractors (2021: 30,561 and 16,384 respectively)
• Revitalised safety strategy and introduced a three-year
work plan focused on leadership and people, processes,
technology, innovation and risk management
• Implementation of new Operating Model and
organisational restructuring
• Spent $8.94m on critical skills training and development
MANUFACTURED CAPITAL
Began year with:
• Ten mining operations, including related infrastructure,
gold processing plants and equipment
• Growth projects:
• Brownfields - across all operations including
development phases at Obuasi
• Greenfield - Beatty District (Nevada) and Quebradona
(Antioquia, Colombia)
OUR BUSINESS ACTIVITIES
1
4
Strategy
2
3
See How we create value
OUTPUTS 2022
PRODUCED:
Gold: 2.7Moz (2021: 2.5Moz)
Silver: 3.6Moz (2021: 3.8Moz)
• Tangible, right of use and intangible assets with a book
Sulphuric acid: 159t (2021: 173t)
management systems and robust corporate governance
and risk management frameworks
• A values-driven culture guided by our values and Our
Code
• Necessary policies in place to foster responsible
environmental stewardship, consumption and corporate
citizenship
• Solid brand and reputation
During the year:
• Implemented Project Thrive to restructure and
streamline our organisation to bring about significant
efficiency improvements and promote long-term
success; conducted hand-in-hand with roll-out of new
Operating Model
• Conducted a company-wide culture survey as first step
in initiative to refresh organisational culture and values
• Progressed digital transformation roadmap – defined
various initiatives to be implemented and advanced to
feasibility stage
strong relationships based on trust
• Reliable, representative supplier database, aligned
with our Supplier Code of Conduct, prioritising local
suppliers where possible
• Community grievance mechanisms in place across
all operations
• Commitment to share value and socio-economic
benefits of our mining activities
During the year:
• Provided regular and informative disclosures to
stakeholders
value of $3.79bn
During the year:
• Incurred total cash costs of $2.75bn
• Spent $779m on sustaining operations and enhancing
performance (sustaining capital)
• Continued implementation of new Operating Model
to empower operations, ensure accountability, define
necessary work and enable safe and consistent delivery
to plan
• Maintained constructive relationships with government
• Progressed growth projects
and regulators
• Invested $18m (1) in community projects to promote
resilient socio-economic development
(1) Includes joint ventures
For details on materials consumed – such as cyanide,
diesel, explosives, acids and alkalis, among other items
– in the course of our mining and processing activities,
see , a compilation of our ESG and sustainability data
10
11
GENERATED:
Revenue from product sales
$4.5bn (2021: $4.0bn)
Mining waste
Tailings deposited: 42.9Mt (2021: 44.1Mt)
Overburden and waste rock: 155.5Mt
(2021: 146.5Mt)
Emissions
GHG emissions (CO2e): 1.475Mt (2021:1.380Mt)
Nitrous oxides (NOx): 2,653t (2021:4,968t)
Sulphur dioxide (SO2): 352t (2021:174t)
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Our business model
continued
Outcomes and impacts – 2022
At year end 31 December
NATURAL CAPITAL
Natural capital:
• Mineral Resource of 131.4Moz and Mineral Reserve of
30.4Moz post depletion at year end
• Acquired Corvus Gold (Corvus) and Coeur Sterling assets
to increase our position in the Beatty district of Southern
Nevada; these targeted acquisitions plus continued
exploration success at Silicon helped increase our Mineral
Resource in the district to 8.4Moz
FINANCIAL CAPITAL
• Maintained robust balance sheet – strong liquidity
of approximately $2.5bn, low leverage of 0.49 times
adjusted net debt to adjusted EBITDA ratio – and
refinanced the revolving credit facility with a new facility
• Adjusted net debt of $878m, up 15% from 2021, after
financing the acquisitions of Corvus and Coeur Sterling,
as well as dividends paid during the year
HUMAN CAPITAL
Workforce
• New Operating Model clarified accountabilities across
the organisation, eliminated duplication of work and
empowered business units with the right skills to deliver
their objectives. It also aims to ensure accountability is
properly located in the business
• $534m paid in salaries and wages (2021: $515m)
• Net cash position – cash and cash equivalents of $1.1bn
• Voluntary turnover rate of 1.9%
• Three reportable environmental incidents (2021: five)
• Free cash inflow of $657m, up 532% from $104m in 2021
• Average number of training hours per employee was 8.1
• Of 615.400ha of land under management, 554.6ha were
• Adjusted EBITDA of $1.8bn, flat from 2021
Diversity and training
• Headline earnings of $544m, down from $612m in 2021
Stakeholders affected:
Investment community, including shareholders, capital
providers and prospective investors
SDGs – Positive impact
• In 2022, women made up 13% of total workforce, 38%
of executive management and 30% of Board members
(2021: 12%, 33% and 36% respectively)
• Women representation at middle management level and
above of 19% (2021: 17%)
Employee relations
• Maintained strong employee relations – no industrial
action
• Employee/labour relations were stable for 2022
Safety and health
• Zero operating fatalities at mines operated by the
Company (2021: 2)
• Safety performance improved further, remaining well
below 2021 ICMM peer average and severity of injuries
continued to decline
For further detail, see Prioritise people, safety, health and
sustainability and Value by shareholder
Stakeholders affected:
Shareholders, employees, governments and regulators,
communities
MANUFACTURED CAPITAL
• Book value of tangible assets, right of use assets and
intangible assets of $4.47bn
• Spent $2.75bn to the cash costs
• Continued with implementation of our reinvestment
strategy, the new Operating Model and the Full Asset
Potential initiative which combined contributed to
significant improvements in our operating performance
during 2022
Projects
Quebradona: Attractive long-life, high-grade, low-cost
project, will introduce copper production into our portfolio.
In 2021, Colombia’s national environmental licensing
agency ‘archived’ our environmental licence application, and
we are preparing a new Environmental Impact Assessment
to submit with the application.
Nevada (Beatty): By year end 2022, had acquired Corvus
and Coeur Sterling Inc. These acquisitions are to be
combined with our existing portfolio of Nevada assets to
establish a low-cost, long-life production base over the
medium term in the Beatty District.
For more information on our operations, projects and
exploration, see Improve portfolio quality, Maintain long-
term optionality and Projects and exploration.
Stakeholders affected:
Shareholders, employees, suppliers, governments and
regulators, communities and environment
SDGs – Positive impact
newly disturbed and 223ha rehabilitated (2021: 639,709ha
under management; 806ha newly disturbed and 177ha
rehabilitated)
Energy and GHG emissions
• Achieved an energy use intensity of 0.50GJ/t treated
(2021: 0.50GJ/t treated)
• Recorded a GHG emissions intensity of 31kg CO2e/t
treated, down 67% since 2007 (2021: 31kg CO2e/t treated)
Water
• Achieved a water use intensity of 0.79kL/t treated (2021:
0.75kL/t treated)
• Re-used 67% of water withdrawn (2021: 67%) as per the
ICMM Water Accounting Guideline (%)
Stakeholders affected:
Environment, communities, governments and regulators
SDGs – Positive impact
SDGs – Negative impact
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SDGs – Positive impact
SDGs – Negative impact
13
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Our business model continued
Our strategy – an overview
Outcomes and impacts – 2022 continued
At year end 31 December
SOCIAL AND RELATIONSHIP CAPITAL
INTELLECTUAL CAPITAL
Shareholders and investors
Intellectual capital
• Maintained investor confidence by delivering on strategic
objectives and targets, solid financial performance and
consistent, regular targeted engagement
Governments and regulators
• Constructive relations maintained by regular,
reliable engagement, regulatory compliance and
responsible citizenship
• Regulatory compliance – no material fines received for
non-compliance
Communities
• Community relationships boosted by active engagement
and provision of local employment and procurement
opportunities, infrastructure and services
• Community partnerships and relations strengthened by
ongoing collaborative efforts to combat COVID-19
• In June 2022, community unrest due to employment
demands temporarily affected operations at Siguiri.
• 146 community complaints received, of which 65% were
resolved at year end (2021: 447 and 89% respectively)
• Two human rights violations reported
• Maintained focus on a robust governance framework,
organisational systems and procedures, underpinned
by integrating all sustainability systems and
processes through our Integrated Sustainability
Information Management System (iSIMS). Began
systems implementation to increase efficiencies and
improve outcomes
• Began implementation of new Climate Change Strategy
to enhance proactivity and transparency in mitigating
current and future climate risks; measures being taken to
strengthen the climate resilience of our business
• Analysis of culture survey results started – will be
used to guide learnings on how to improve engagement
and collaboration with one another in pursuit of our
strategic goals
Stakeholders affected:
Shareholders, employees, suppliers, governments and
regulators
See Value by stakeholder for detail on the financial and
other value created and distributed to stakeholders.
For additional information on outcomes and our impacts
by stakeholder, see Prioritise people, safety, health and
sustainability and Value by stakeholder in this report.
Stakeholders affected:
Shareholders, employees, suppliers, governments and
regulators, communities
SDGs – Positive impact
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14
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.
Prioritise
people,
safety,
health and
sustainability
Maintain
financial
flexibility
Supporting our
strategy for
sustainable
cash flow
improvements
and returns
Optimise overhead,
costs and capital
expenditure
F I V E S T R AT E G I C E N A B L E R S
Improve
portfolio
quality
Maintain
long-term
optionality
Streamlined,
margin-focused
portfolio
Disciplined capital
allocation and a strong
balance sheet
Engaged workforce;
prioritising employee
safety and health
Values-driven
culture
Responsible corporate
citizenship with good
governance as the
foundation
15
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Our strategy – an overview continued
Our strategy
Five key focus areas enable us to deliver on our overall strategy. They guide decision-making and are aimed at generating
increased cash flows; extending mine lives; creating an organic pipeline of economically viable orebodies; and enhancing our
social licence to operate.
Overall, these strategic focus areas seek to ensure that:
• Our portfolio is streamlined, optimised and margin-focused
• A robust, disciplined capital allocation framework is in place
• Our workforce is engaged, with employee safety, health and well-being as priorities
• Responsible corporate citizenship, based on our values, and good governance are the foundation of all that we do
Together, the five strategic focus areas work to ensure that AngloGold Ashanti is best placed to create value and be profitable, through
the cycle.
Strategic aims by focus area
Link to executive remuneration
(DSP (1) performance metric weighting)
2022
2023 (2)
Focus area
Prioritise
people, safety,
health and
sustainability
Aims
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
24%
24%
• 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
Maintain
financial
flexibility
For progress made in 2022 in delivering on this strategic focus area, see
Prioritise people, safety, health and sustainability
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%
i
a
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a
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n
a
T
,
a
t
i
e
G
Link to executive remuneration
(DSP (1) performance metric weighting)
2022
2023 (2)
15%
15%
Focus area
Aims
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
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
15%
15%
Maintain
long-term
optionality
• 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
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 and related voting proxy form for further details. For more detail on the link between
delivery on strategic objectives and remuneration, see Rewarding delivery
16
17
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Chairperson’s letter
“ ...it is vital to ensure AngloGold
Ashanti remains vibrant and
profitable, in order to continue
making meaningful contributions to
our shareholders and the societies
in which we work as an employer,
a reliable payer of taxes and a
consumer of goods and services from
our host communities.”
Maria Ramos
Chairperson
Dear Stakeholder,
The year in review was defined by
volatility and the uncertainty that comes
from Russia’s war on Ukraine, rapidly
rising inflation, higher interest rates,
currency swings and sluggish growth
in much of the world. These factors
contributed to making global economic
and operating conditions -- already
precarious before the start of 2022 –
even more challenging.
The environment will likely remain
challenging in 2023, with stubborn
inflation, below-average growth and
the war in Ukraine all likely to remain
features of the operating landscape; the
IMF in its World Economic Outlook 2023
sees the balance of risk ‘tilted to the
downside’. Developing economies are
especially vulnerable, with populations
battling a cost-of-living crisis for citizens
and unfolding debt crises for many
governments.
In this environment, it is vital to ensure
AngloGold Ashanti remains a vibrant
and profitable, in order to continue
making meaningful contributions to our
shareholders and the societies in which
we work as an employer, a reliable payer
of taxes and a consumer of goods and
services from our host communities. Our
Economic value-added statement shows
our performance in these key areas during
the year.
Meeting objectives
The overall goal remained clear - to
regain cost competitiveness safely and
responsibly versus the peer group. The
management team remained focused
on achieving key objectives set out at
the beginning of the year in pursuit of
that goal, including through continued
investment in the optionality and overall
integrity of the portfolio. There remained
an emphasis on an improved safety
performance while also committing to
clear, medium-term emission reduction
targets to support the continued drive to
achieve net zero emissions by 2050.
Particularly important during the
year was the introduction of the new
Operating Model, simplifying the
company’s organisational structure
and ensuring greater transparency,
consistency and accountability. So, too,
was the Full Potential Programme, a
comprehensive approach to optimising
the performance of each of our mines and
plants, all in support of the overall cost
competitiveness goal.
Several excellent new, experienced
leaders from across the global natural
resource industry were brought into
the business. They bring news skills,
perspectives, and experience in areas
as diverse as finance, digital technology,
global supply chain and project
management, with the strong technical
capability and institutional memory that
exists within the company.
Early signs are encouraging; despite
operating challenges encountered during
the year, including flooding in Brazil and
various supply chain blockages, as well as
ongoing labour shortages in Australia and
inflationary pressure across the portfolio,
the business met its main performance
objectives and achieved guidance on key
metrics of production, capital expenditure
and all-in sustaining costs. This result
supported headline earnings of $544m
and free cash flow before growth capital
expenditure -- the metric on which we
base our dividend payments -- of $996m.
Maintaining this greater consistency over
a sustained period will be the ultimate
test for our business.
Delivering catalysts for
change
The year-on-year increase in cash costs
held at around 6%, or roughly half of the
aggregate input inflation experienced by
the business. This result was underpinned
by improvements across our key assets,
which are well catalogued in this report.
Of note was the excellent progress
at Obuasi in Ghana after a sill-pillar
collapse in 2021 caused production to
be suspended for almost half the year.
Following steps to improve the safe
operation of the mine, the site team
resumed mining, achieved their targets
and advanced the reinvestment project
that will facilitate the full ramp-up of the
mine in the years ahead.
non-executive directors. The company’s
leadership has been infused with
exceptional talent from across the
mining industry in the past year. The
executive team has been finalised with
the appointment of Gillian Doran as Chief
Financial Officer and Executive Director
from January of 2023. While we welcome
Gillian to the Company, I would like – on
behalf of the Board – to thank Ian Kramer
for expertly discharging his duties as
Interim CFO.
Thanks are due, too, to my fellow
directors for their diligence and guidance
throughout this past year. On behalf
of the Board, I also offer my thanks to
the senior management team for their
professionalism and dedication, to the
thousands of employees who make it
their business each day to ensure that
this company will safely and responsibly
improve its performance for the benefit of
so many who depend on this business in
one way or another for their livelihoods.
Finally, to the diverse stakeholders upon
who we depend for our licence to operate,
I extend both our thanks and commitment
to be responsible custodians of the
resources entrusted to us.
Sincerely,
Maria Ramos
Chairperson
15 March 2023
Realising Obuasi’s potential was one
among the important catalysts achieved
during the year. Others included the
continued improvement in the overall
Mineral reserve life of our portfolio, the
release of the outstanding cash balances
in the DRC and demonstrating the
ability to offset corporate taxes against
outstanding value-added tax balances
in Tanzania.
Great progress was also made in Nevada,
where the team combined ongoing
exploration success with two bolt-on
acquisitions to bring AngloGold Ashanti’s
overall Mineral Resource near the town
of Beatty, in the south of the state, to
8.4Moz. This programme of disciplined
investment has provided us a large – and
growing – development option in one
of the world’s most attractive mining
jurisdictions.
While these achievements are route
markers in the journey to improve
AngloGold Ashanti’s valuation, we have
some way to go to narrow the deficit with
our peer group. While our CEO, Alberto
Calderon, has been clear that 2023 is
a transitional year as we move toward
narrowing the valuation gap with peers,
we will continue to invest in improving the
quality and integrity of the portfolio.
This includes the programme to buttress
the Calcinados tailings storage facility
which services the Queiroz plant within
our AGA Mineração operating unit in
Brazil. Important to note is that the
operational and structural integrity of
this TSF remains safe and stable, per
the conclusions of recent assurance
assessments by external consultants
and AngloGold Ashanti’s own TSF team.
The buttressing programme follows
completion of a detailed risk assessment,
required by a new regulation introduced
in Brazil in 2022, and will bring the post-
liquefaction factor of safety of this facility
in line with the international standards
currently regarded as best practice.
encouraging to report a fatality-free 2022
at the mines operated by the Company,
alongside a 41% reduction in injury rates
to well below our peer group average.
Both the Board and Executive are seized
with the importance of maintaining a
safe workplace for all employees and
contractors and will remain focused on
implementing our safety strategy and
maintaining a culture of continuous
improvement.
The Board approved a Discrimination
and Harassment Standard during the
year, supported by a communication
campaign led by the CEO and his
executive entitled ‘Don’t Cross the Line,’
which stressed a zero-tolerance approach
to any disrespectful, inappropriate and
harmful behaviour. Processes have been
established for confidential, victim-
centered reporting.
Our new Climate Change Strategy will
help ensure we are well placed to cope
with changing weather patterns. An
important step in this journey was taken
in October when new, ambitious targets
were set to reduce absolute Scope 1 and
2 GHG emissions by 30%, by 2030 (as
compared to 2021). This target, which
follows a 67% reduction in emissions
since 2007, carries the full endorsement
of the Board. Successful execution
will require significant investment in
renewable energy across our main
operating jurisdictions as we work with
providers of solar and wind power to
further improve the quality of our energy
mix. Our goal remains to achieve net zero
Scope 1 and 2 emissions by 2050, in line
with the Paris Agreement.
Conclusion
Sadly, in October our fellow director,
Nelisiwe Magubane, passed away
suddenly. Nelisiwe’s unique perspective
from a long career spent in Africa’s
electricity sector, as well as her valuable
contribution to discourse at the Board, will
be sorely missed.
Improving sustainability
Safety remains the overall priority for our
business and provides further evidence
of improved performance. After two
tragic fatalities on our mines in 2021, it is
We are fortunate to have an experienced
and dedicated management team to
implement AngloGold Ashanti’s strategy
with oversight from an experienced,
multi-disciplinary board of independent,
18
19
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Board leadership
Maria Ramos (64)
Chairperson
Rhidwaan Gasant (63)
Lead Independent
Director
Kojo Busia (60)
Alan Ferguson (65)
Albert Garner (67)
Maria Richter (68)
Scott Lawson (61)
Jochen Tilk (59)
Alberto Calderon (63)
Chief Executive Officer
Gillian Doran (46)
Chief Financial Officer
Independent non-executive directors
Independent non-executive directors
Executive directors
MSc, BCom (Hons),
Banker Diploma, Certified
Associate of the Institute
of Bankers (SA)
BCompt (Hons),
CA(SA), ACIMA, CGMA,
Executive Development
Programme
PhD, MA, BA
BSc (Accountancy and
Business Economics),
CA(Scotland)
BSE (Aerospace and
Mechanical Sciences)
BA, Juris Doctor
MBA, BSc (Civil
Engineering),
Bachelors and Masters
in Mining Engineering
PhD, MPhil, MA, Juris
Doctor, BA
Fellow Member
of Association of
Chartered Certified
Accountants (FCCA)
Appointed:
June 2019 and as
Chairperson in
December 2020
Expertise:
1
7
2
9
3
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6
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Appointed:
August 2010
Appointed:
August 2020
Appointed:
October 2018
Appointed:
January 2015
Appointed:
January 2015
Appointed:
December 2021
Appointed:
January 2019
Appointed:
September 2021
Appointed:
January 2023
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Expertise:
Committees:
Committees:
Committees:
Committees:
Committees:
Committees:
Committees:
Committees:
Committees:
Committees:
• Nominations and
Governance C
• Social, Ethics and
Sustainability
• Audit and Risk
• Remuneration and
Human Resources
• Nominations and
• Social, Ethics and
Sustainability C
• Nominations and
Governance
• Audit and Risk C
• Remuneration and
Human Resources
• Nominations and
Governance
•
Investment
Governance
• Remuneration and
Human Resources
•
Investment
• Remuneration and
Human Resources C
• Social, Ethics and
Sustainability
• Nominations and
•
Investment
Governance
• Audit and Risk
•
Investment
C Chairperson
Board expertise
•
Investment C
• None
• None
• Audit and Risk
• Social, Ethics and
Sustainability
• Nominations and
Governance
1
Board
experience
2 Leadership
experience
3 Strategy
development
4 Environment,
health and
safety
5 Mining/
engineering
6 Financial
acumen/
accounting
7 Corporate
8 Legal
9 Risk
10 Technology
11 Human
governance
management
and innovation
resources/labour
Changes to Board composition
• Christine Ramon retired from the Board effective 30 June 2022
• Nelisiwe Magubane passed away on 30 October 2022
• Gillian Doran was appointed as Chief Financial Officer and Executive
Director with effect from 1 January 2023
20
21
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Corporate governance continued
Board diversity profile
AngloGold Ashanti recognises the benefits of promoting broader
diversity at Board level, including diversity of gender, race and
ethnicity, culture, age, field of knowledge, skills and experience,
and geography. These attributes are considered in determining
the optimal composition of the Board as well as succession
planning, and when possible, will be balanced appropriately for
the Board to be effective as a whole.
To promote gender diversity, a target of at least 40% female
Board members was established and, for AngloGold Ashanti
to leverage the benefits of a globally diverse Board, the Board
introduced a racial diversity target of 50% black representation
(including African, Indian, Coloured and other foreign black
nationals) on the Board.
The Board’s progress toward its diversity targets deteriorated
during the year following the departure of two black female
directors. Recognising that much remains to be done to reach its
diversity targets, improving gender and racial diversity remains
a strong focus for the Board during the recruitment of new
directors and succession planning. The Board has already taken
action by appointing Gillian Doran, who joined the Board on
1 January 2023 as CFO.
Gender diversity
Racial diversity
100
Target: 40% female representation
100
Target: 50% black representation
56%
44%
64%
70%
36%
30%
80
60
40
20
0
56%
44%
64%
36%
80%
20%
80
60
40
20
0
2020
2021
2022
2020
2021
2022
(cid:31) Black (cid:31) White
Age profile
Age profile
80
70
60
50
40
30
20
10
0
80%
64%
56%
44%
36%
10%
10%
40 - 49 years
50 - 59 years
60 - 69 years
(cid:31) 2020 (cid:31) 2021 (cid:31) 2022
Tenure of non-executive directors
Non-executive Directors: Time of Board
(cid:31) Women (cid:31) Men
3
2
2
3.0
2.5
2.0
1.5
1.0
0.5
0.0
1
9 years or longer
6 to 8 years
3 to 5 years
less than 3 years
Average tenure for
non-executive directors:
5.3 years
Geographical diversity
2
2
1
1
(cid:31) South African
(cid:31) American
(cid:31) American/Panamanian
(cid:31) Ghanaian
(cid:31) British
(cid:31) Canadian
(cid:31) Australian
2
2
1
1
1
1
2
2
1
1
The information above includes Gillian Doran who joined the Board on 1 January 2023.
Board skills matrix
Strategy development
Leadership experience
Risk management
Board experience
Corporate governance
Legal
30%
Financial acumen/accounting
Environment, health and safety
Human resources/labour
Technology and innovation
50%
40%
40%
100%
100%
100%
90%
80%
70%
Mining/engineering
30%
0
20
40
60
80
100
Directors’ dealings in shares and closed periods
In accordance with statutory and regulatory requirements,
Directors, Prescribed Officers and any restricted employees may
not deal directly or indirectly in the securities of the Company
during specific closed or prohibited periods. All Directors and the
company secretary require prior approval from the Chairperson to
deal in the Company’s securities.
The Chairperson of the Board must obtain written approval
from the Lead Independent Director, or in his/her absence, the
chairperson of the Audit and Risk Committee. The company
secretary retains a record of all such share dealings. For
prescribed officers written approval must be obtained from
the CEO before dealing in AngloGold Ashanti securities.
Directors’ time commitments and
external appointments
The Board appreciates the benefits that wider boardroom
exposure provides for directors. However, the number of
external appointments undertaken by a director is monitored
to ensure that adequate time is committed to AngloGold
Ashanti, and the effective discharge of the director’s duties and
responsibilities, as well as to align with shareholder advisory
companies’ guidelines on overboarding. When making new
appointments the Board takes account of other demands on a
potential director’s time and, prior to appointment, significant
commitments are required to be disclosed with an indication of
the time involved.
For existing directors, additional external appointments must not
be undertaken without prior approval of the Chairperson of the
Board to ensure that directors have sufficient time to dedicate
to the affairs of the Company. Additional directorships for the
Chairperson are subject to approval by the lead independent
director.
Details of the Directors’ external appointments can be found on
the Company’s website at www.anglogoldashanti.com.
Non-Executive Directors’ minimum
shareholding requirements
In February 2022, the Board approved a minimum shareholding
policy for non-executive directors, in order to strengthen the
alignment between the interests of non-executive directors and
those of AngloGold Ashanti’s shareholders and to ensure long-
term sustainable decision making.
Non-Executive Directors are required to acquire and hold a
minimum shareholding in AngloGold Ashanti shares, equivalent
to 150% of their annual base fee within four years of the effective
date of the policy for existing non-executive directors, and
from the effective date of appointment for new non-executive
directors. However, in accordance with the policy, a non-executive
director may not hold shares in AngloGold Ashanti which are
material to his/her personal wealth, as this may adversely impact
the non-executive director’s independence.
Details on Non-Executive Directors’ minimum shareholdings may
be found on page 152 in Rewarding delivery.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Corporate governance continued
Board and committee structure and delegation of authority
AngloGold Ashanti Board
The overriding role of the Board is to seek to ensure the long-term sustainability and success of the business, for the mutual benefit
of all stakeholders. Its overall role is one of strategic leadership. This includes the setting, monitoring and review of strategic targets
and objectives, the approval of capital expenditure, acquisitions and disposals, and oversight of governance, internal controls and risk
management. The Board is supported by five committees to which it delegates certain functions without abdicating any of its own
responsibilities. This process of formal delegation involves documented and approved terms of reference, which are reviewed annually,
or more often when required.
The latest approved Board Charter and Committees’ terms of reference, containing detailed information regarding their respective
responsibilities and mandates, are available online.
See Governance on www.anglogoldashanti.com
Delegation of Authority
In 2022, we undertook a comprehensive review of the Group’s Delegation of Authority framework. Following this rigorous review
process, a single group-wide Delegation of Authority, aligning all critical decisions across the Group, was adopted to replace the
previous Group Delegation of Authority and various regional and in-country Delegations of Authority. This single Group-wide Delegation
of Authority includes Board authorities and authorities of the CEO and the rest of the organisation.
The Board is satisfied that the delegations in place contribute to role clarity and the effective exercise of authority and responsibilities.
Audit and Risk Committee
A Ferguson (Chairperson), R Gasant, M Richter, J Tilk
• Oversees the integrity of our financial reporting, the existence of proper internal controls, the integrity of the and , and of
our risk management processes
• Assesses AngloGold Ashanti’s continuing ability to operate as a going concern, assists the Board with oversight of IT governance,
risk management and the Group ethics and regulatory compliance programme
• Seeks to ensure the Company has qualified independent external auditors and internal auditors
More detailed information on the committee’s achievements is available in the
Social, Ethics and Sustainability Committee
K Busia (Chairperson), S Lawson, M Ramos, J Tilk
• Key responsibility is to assist the Board in monitoring matters relating to safety, health, the environment and ethical conduct, and to
ensure that AngloGold Ashanti develops and behaves as a responsible corporate citizen
• Seeks to ensure that our sustainability strategy positions AngloGold Ashanti as a leader in mining and that sustainability objectives
are effectively integrated into the business
• Oversees the integrity of and approves the
More information on the work accomplished by the committee during the year. See the
Remuneration and Human Resources Committee
M Richter (Chairperson), A Ferguson, A Garner, R Gasant
• Assists the Board in ensuring that AngloGold Ashanti remunerates fairly, responsibly and transparently so as to promote the
achievement of strategic objectives and positive outcomes in the short, medium and long term
Nominations and Governance Committee
M Ramos (Chairperson), K Busia, A Ferguson, R Gasant, M Richter, J Tilk
• Assists the Board in the implementation of programmes aimed to ensure the Board’s composition and size is appropriate at
all times, oversees the performance evaluation of the Board and its committees, as well as the independence assessment and
qualification and competence of the company secretary
• Considers the extent to which the general corporate governance mechanisms and frameworks of the Company are appropriate and
effective, and makes appropriate recommendations to the Board
• Develops processes to identify, assess and recommend Board candidates for appointment as executive and non-executive
directors, including the Chairperson and CEO, as well as the company secretary, and at the same time considers succession
planning for the Board
Investment Committee
J Tilk (Chairperson), K Busia, R Gasant, A Garner, S Lawson
• Assesses individual capital projects and investment and divestment opportunities to ensure that they are in accordance with
AngloGold Ashanti’s primary mission to create sustained shareholder value in the long term
• Seeks to ensure that project and investment evaluation guidelines, including appropriate strategic, operational, financial, technical
and sustainability guidelines and other procedures for the allocation of capital, are consistently and properly applied
• Oversees the integrity of and approves the
Executive Committee
As CEO, Alberto Calderon is responsible for the execution of AngloGold Ashanti’s strategy and reports to the Board. He chairs the
Executive Committee that is responsible for the day-to-day management of the Group’s affairs. The committee’s work is supported by
country and regional management teams as well as by Group corporate functions.
Board and committee meeting attendance
Directors’ attendance at Board and committee meetings during 2022 was as follows:
Number of meetings in 2022 (5)
MDC Ramos
KOF Busia
A Calderon
AM Ferguson
AH Garner
R Gasant
SP Lawson
NVB Magubane (1)
KC Ramon (2)
MC Richter
JE Tilk
Board (3) Audit and Risk
Investment
Resources
Sustainability
and Human
Ethics and
and
Governance (4)
Remuneration
Social,
Nominations
9
9
9
9
9
9
9
9
6
4
9
9
7
n/a
n/a
n/a
7
n/a
7
n/a
4
n/a
7
7
7
n/a
7
n/a
n/a
6
7
7
n/a
5
n/a
7
9
n/a
n/a
n/a
9
9
9
n/a
n/a
n/a
9
n/a
5
5
5
n/a
n/a
n/a
n/a
5
4
n/a
n/a
5
7
6
6
n/a
7
n/a
7
n/a
n/a
n/a
6
6
• Reviews, oversees and, where appropriate, approves human resources Group policies and strategies aimed at creating and
sustaining the technical and managerial excellence required to support the attainment of the Company’s global objectives and
achieve a globally competitive workforce
(1) NVB Magubane passed away on 30 October 2022
(2) KC Ramon retired from the Board with effect of 30 June 2022
(3) During 2022 the Board held six scheduled meetings and three special meetings
More information on the achievements of the committee is available in the Remuneration and Human Resources Committee
chairperson’s report
(4) Members of the Nominations and Governance Committee participated in an additional meeting in respect of the recruitment of the CFO
(5) All committees held four scheduled meetings during the year
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Corporate governance continued
Board and committee effectiveness
Unless determined otherwise by the Board, an evaluation of the
Board, its committees, the chairperson and individual directors is
conducted every two years. Every alternate year, an opportunity is
provided for consideration, reflection and discussion by the Board
of its performance and that of its committees, the chairperson
and its members. During 2022, the Board continued to monitor
progress towards agreed action plans for specific focus areas
identified in the 2021 performance evaluation.
The Board recognises the need to focus on building a strong
culture within the organisation and has endorsed and supported
the culture journey and values refresh the Company has
embarked on. With this in mind, it was necessary for the Board
to ensure it was conscious of its own culture, how it aligned with
the Company’s culture and how it could best enable leadership
on this journey. As part of the Board effectiveness process, the
Board commissioned an externally facilitated assessment of the
Board culture during the year.
Outcomes of the assessment defined the Board’s current
culture as ethical and collegial, with accountability for and
focus on safety, sustainability, governance and environmental
responsibility as well as on the delivery of shareholder value.
The assessment further indicated a strengthening of alignment
between the Board and executive leadership, with a focus on
strategy and longer-term sustainability.
Other aspects of Board effectiveness include a robust induction
programme that all new directors are required to complete before
their first Board meeting to become familiar with the Company,
their duties and responsibilities as directors and receive
information required to be effective in their role.
The Board also provides continuing professional training and
development for directors, which covers topics relevant to the
operations of the Company, industry and regulatory environment
and includes site visits. During the year, directors attended site
visits at Obuasi and in Nevada.
For further information on the organisational culture journey
and values refresh, see Revitalising our culture, refreshing our
values and the Remuneration and Human Resources Committee
chairperson’s letter.
Company secretary
The company secretary is responsible for developing,
implementing and maintaining effective processes and
procedures to support the Board and its committees in the
discharge of their duties and responsibilities. The company
secretary advises the Board and individual directors on their
fiduciary duties and on corporate governance requirements and
best practices.
In accordance with the JSE Listings Requirements, the Board
evaluated the qualifications, competence and experience of the
company secretary for 2022 and was satisfied that Leeanne
Goliath is qualified to serve as company secretary. Leeanne has
experience as a company secretary and in corporate governance
and securities and exchange regulatory requirements applicable
in South Africa and other jurisdictions, gained during her tenure
working in regulated and listed companies. Leeanne holds BCom
and MBA degrees as well as certificates for the Management
Advanced Programme and in Advanced Company Law. The Board
also confirmed the company secretary’s independence and that
she maintains an arms-length relationship with the Board.
Other governance practices
Legal, ethical and regulatory compliance
The Group’s geographical spread makes its legal and regulatory
environment diverse and complex. The Board has oversight
responsibility for ensuring that the Company complies with
applicable laws and regulations, codes and standards, and has
delegated this responsibility to the Audit and Risk Committee.
Group Compliance plays an essential role in the management of
designing and implementing appropriate compliance policies
and procedures.
During 2022, Group Compliance continued with activities aimed
at enhancing the Company’s governance. Key among these
activities were:
• Leading a benchmarking exercise and review of AngloGold
Ashanti’s governance documents. A Group-wide documents
standard was launched to establish the AngloGold Ashanti
controlled documents framework, creating consistency and
purpose across different document types. As part of the
new group-wide documents framework, Group Compliance
manages the development, amendment, review, approval
process and publication of all group-wide documents. Group
Compliance also manages the only internal repository
for Group-wide documents. Policies demonstrate the
organisation’s aspirational commitments to achieve its
objectives and describe the behaviours and actions of the
organisation. Beneath each policy, group-wide standards set
out the minimum mandatory requirements for how AngloGold
Ashanti will deliver the commitments in the policies and group-
wide procedures set out how mandatory requirements must be
performed to mitigate key risks
• The publication of new group policies in relation to Asset
Security and Value Protection, Business Integrity, Health, Safety
and Security, Operations and Mineral Resource Development,
People, Sustainability and a new Supplier Code of Conduct
• The global rollout of the anti-bribery and anti-corruption
online training to all employees with computer access. The
training covers anti-bribery and anti-corruption, payments
to government officials, gifts, hospitality and sponsorships,
engagement of agents and intermediaries, conflicts of
interest, reporting wrongdoing, and political donations
and activities
• Tracking and monitoring compliance with laws and
regulations, including self-certification processes and legal
registers, by country
• The rebranding of our whistleblowing platform to “Speak-up”
with updated communication and increased awareness around
the availability of this platform. AngloGold Ashanti continued
to have a robust Speak-Up platform, administered by a third-
party, to which all employees, directors, officers and external
parties have access via hotlines, email and web facilities.
Reporting is anonymous unless the reporter specifically
nominates to disclose his or her identity. All concerns are
carefully investigated, and feedback is provided through the
third-party service partner to the person raising the concern.
Speak-up results are communicated quarterly to the Audit and
Risk Committee as well as the Social, Ethics and Sustainability
Committee and to the Serious Concerns Committee, a
management committee. Whistleblowing plays a key role
in giving credence to the Board’s commitment to ethical
leadership and responsible corporate citizenship
• Continued development of a compliance programme aligned
with “best practice” principles identified by, among others,
bodies responsible for the prosecution of violations of key
extra-territorial legislation such as the US Foreign Corrupt
Practices Act, and that are adaptable at an operational level to
enhance the effectiveness of the compliance framework
• Continued embedding of our responsible sourcing
programme to align suppliers with our business ethics
and values. Our Supplier Code of Conduct encourages all
suppliers, including contractors, to align their businesses
with our internal policies and codes of ethical behaviour,
particularly on human rights practices, labour relations and
employment practices, the environment, our anti-bribery
and corruption policies, and safety procedures, policies and
standards. Our approach to suppliers involves mandating that
responsible environmental, social and governance practices
are carried out by those we associate and/or do business
with. Suppliers are assessed on their governance conduct in
addition to their socio-economic behaviour
• Regular assessment of the online registers for gifts, hospitality
and sponsorship and conflicts of interest
• Business unit assessments for risks related to bribery and
corruption, including virtual assessments as part of our
combined assurance audit programme
External and internal standards and regulations
AngloGold Ashanti complies with legislative and regulatory
requirements, including several external and voluntary industry
and international standards and recommendations that are
relevant to the business.
AngloGold Ashanti is a member of, and a signatory to, the:
• Extractive Industries Transparency Initiative (EITI)
• International Council on Mining and Metals (ICMM)
• International Cyanide Management Code
• Principles of the United Nations Global Compact (UNGC)
• Responsible Gold Mining Principles
• Sustainability Accounting Standards Board
• United Nations Guiding Principles on Business and
Human Rights
• United Nations Women Empowerment Principles (WEP)
• Voluntary Principles on Security and Human Rights (VPSHR)
• World Gold Council’s Conflict-Free Gold Standard and
Responsible Gold Mining Principles
We are committed to complying with the following standards:
• International Bill of Human Rights
• Universal Declaration on Human Rights
In addition, we have Group policies and charters to which we
adhere. Increasingly, customers and consumers want assurance
that the gold they are purchasing has not contributed to conflict
or human rights abuse. This has resulted in several measures
being introduced by industry-related organisations of which we
are part, to prevent gold and other commodities from being used
to fund conflict and other violations of human rights.
By virtue of its securities being registered with the United States
Securities and Exchange Commission (SEC), AngloGold Ashanti
is also subject to the various securities laws applicable in the
United States. This is in addition to being subject to the various
listing requirements applicable for all the stock exchanges on
which the Company’s shares or depositary receipts are listed.
These are the Johannesburg, New York, Ghana and Australian
stock exchanges.
Climate change
The Board recognises the impacts of climate change that could
exacerbate existing mining-related risks and the effect on
ecosystems, communities and employees.
The Board previously approved a Climate Change Strategy, and
the Company published its inaugural Climate Change Report in
late 2021, which is aligned to the recommendations of the Task
Force on Climate-related Financial Disclosures. Furthermore, as
a member of the International Council on Mining and Metals,
AngloGold Ashanti was part of a landmark climate change
commitment to achieve net zero Scope 1 and Scope 2 GHG
emissions by 2050 and to accelerate action on Scope 3 GHG
emissions, including setting credible targets in partnership with
its suppliers.
During the year, the Board endorsed the Company’s commitment
to achieve a 30% reduction in its absolute Scope 1 and 2
GHG emissions by 2030 (as compared to 2021) through a
combination of renewable energy projects, fleet electrification
and lower-emission thermal power sources. The capital cost
required to achieve these reductions over the next eight years
was anticipated to be approximately $1.1 billion, of which about
$350m would be funded over that period by the Company and
the balance through third-party funding, including from providers
of renewable energy infrastructure. Climate change will remain a
priority in future years and the Board will monitor the Company’s
progress towards its GHG emission reduction targets. See
Climate change disclosure.
Governance of supply chain management and
procurement policies
Effective supply chain management, undertaken with integrity,
fairness and transparency and in line with our values and
governance principles, adds value to our business, by improving
efficiency, relationships and reputation, ultimately, impacting
our long-term sustainability. As a global company, responsible
management of our supply chain is an increasingly important
ethical, equality and human rights consideration.
Compliance with
laws and regulations
Fraud, bribery
and corruption
Conflicts
of interest
Gifts, hospitality
and sponsorship
Responsible
sourcing
Confidential
reporting
Compliance risk
assessments
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Corporate governance continued
Responsible supply chain management has the potential to add
value to communities, local governments and society, particularly
in developing countries. We have adopted a cross-functional
approach to supply chain management to ensure best practice,
which includes complying with international human rights
and labour standards and the economic participation of local
stakeholders.
In 2022, we launched a new Supplier Code of Conduct which
continues to set expectations for our suppliers. All suppliers are
required to review, understand and comply with our Supplier Code
of Conduct, all relevant laws and industry regulations and notify
AngloGold Ashanti if they become aware of any action which
does not comply with any of these. This is a condition of doing
business with AngloGold Ashanti. A breach or other violation
of the Supplier Code of Conduct could result in a review or
termination of the supplier’s contract with AngloGold Ashanti. Our
suppliers shall conduct business activities with integrity, dignity
and respect, including not taking unfair advantage of AngloGold
Ashanti or other parties through misrepresentation of facts or
any dishonest practices.
Responsible sourcing
AngloGold Ashanti aims for the communities and societies in
which we operate to be better off for our having been there.
This aim is supported by our commitment to do no harm, to
make responsible use of natural resources, and to contribute to
sustainable development, as well as by our local procurement
policy which aims to stimulate economic development within the
communities and countries in which we operate. The success of
this commitment is evident when considering the 96% localisation
spend achieved for 2022 (2021: 93%) on a global basis.
Considerable emphasis is being placed on greater supply chain
transparency and reporting of ESG impacts. Risk exposures
are driving our level of enhancement to improve the integration
of risk assessments into identifying new and emerging
sustainability risks in existing suppliers, including potential
integration of real-time data.
Tax strategy and tax management policy
Our tax strategy, which is aligned with our business strategy
and its objectives, is to manage all our global tax obligations in
a transparent, responsible and sustainable manner, within the
governance framework established by our Tax Management
Policy while respecting the differing interests of all our
stakeholders.
The principles governing the Group’s tax strategy and policy are
reviewed and approved by the Board which, through the Audit and
Risk Committee, monitors adherence to the policy.
We recognise that AngloGold Ashanti must earn and maintain
its social licence to operate in partnership with government
and community stakeholders, thus contributing towards our
sustainable future in the countries where we operate. Aligned
with our vision, mission and values, we acknowledge our
obligations as a responsible corporate citizen and that our
operations contribute material tax revenues, in terms of both
taxes borne and taxes collected, to the economies of the
countries in which we conduct our business.
As a member of the EITI, a global standard to promote open
and accountable management of natural resources, AngloGold
Ashanti is committed to reporting the amounts paid to
governments in respect of our operations in those countries that
have implemented the standard.
2023 focus areas
In line with AngloGold Ashanti’s status as a signatory to the UN
WEP and the UN Global Compact, WEP is receiving focus and
is being included as part of our Sustainable Mining Plan. These
principles will form part of our responsible sourcing objective and
human rights policies.
Our Tax Policy governs the management of tax throughout
AngloGold Ashanti and confirms the defined parameters within
which the Board-approved tax strategy is applied.
The tax governance framework requires AngloGold Ashanti to
have a combination of suitably skilled resources and internal
processes, together with internal and external assurance.
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Digital technology
Digital technology is integral to AngloGold Ashanti’s functions
and operations and their ability to deliver value and effectively
manage digital technology risk. The Board has delegated
the governance of digital technology to the Audit and Risk
Committee, which has ensured the establishment of a Digital
Technology Governance Framework.
The Governance Framework supports effective and efficient
management and decision-making in respect of the utilisation
of technology resources to facilitate the achievement of the
Company’s objectives and the management of digital technology
related risk.
In accordance with the recommendations of King IV, a policy
that addresses the governance of digital technology has been
adopted. In addition, the Audit and Risk Committee receives
updates on the digital technology strategy.
Annual audits are conducted by both internal audit and the
external auditor, and any failures or issues of non-compliance
are remediated by the digital technology function. Additionally,
annual risk assessments are completed and surfaced within
AngloGold Ashanti’s risk management system.
Disaster recovery and business continuity plans for digital
technology are in place and tested annually.
Digital technology has formal processes and a cyber security
operation centre in place to ensure threats are actively managed,
with the objective of adequately protecting the Company’s digital
technology assets and the confidentiality, integrity and availability
of information.
Our approach to transparency and tax
Our approach to tax is underpinned by the AngloGold Ashanti
values, which include sustainability. We also value the
communities and societies in which we operate and want them to
be better off for AngloGold Ashanti’s having been there.
The principles set out below govern our global approach to tax:
• Compliance: We respect and comply with the legal framework
of the countries in which we operate, meeting our tax
obligations on time. We comply with local and global rules with
respect to transfer pricing and cross-border transactions.
• Corporate citizenship: We engage constructively with tax
authorities in the countries in which we operate in an open
and fair manner. We support sustainable relationships in
dealing with global tax authorities. We communicate with tax
authorities to resolve uncertainties as soon as practical.
• Transparency in our dealings with governments: We are
transparent with regard to the taxes paid to governments as
we believe that this allows our stakeholders to understand the
contribution we make and the integrity of our tax systems.
• Risk management and governance: We are committed to
strong governance. We identify, investigate, assess and report
tax risks in terms of our global audit and risk framework. On a
quarterly basis, we report on tax risks and uncertainties to the
Audit and Risk Committee.
• Business rationale: AngloGold Ashanti tests the commercial
rationale of its transactions. We seek to manage our tax
affairs in a manner that contributes to sustainable business
performance and long-term shareholder value. Accordingly, we
do not engage in aggressive tax planning.
• We advocate fair tax treatment: We engage in the tax reform
processes of international tax rules and local tax rules in
the jurisdictions in which we operate. This supports the
principle that tax systems should be fair, certain, efficient and
competitive in order to support growth, jobs and long-term
sustainable tax contributions.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
World in which we operate
Our external operating environment
In this segment:
World in which we operate
External operating environment
Managing our risks and opportunities
Integrated stakeholder engagement
P33
P39
P47
Our external operating environment is dynamic and complex,
with external factors beyond our control influencing our
ability to deliver on our strategy and create value.
The most prominent external event of 2022 – Russia’s war in
Ukraine – continues to have far-reaching impacts on global
supplies of oil, gas and grain, among other commodities. The
continuing hostilities have exacerbated global inflation and
interest rates and increased the prospect of a global recession in
2023. Increased inflationary pressure placed upward pressure on
costs for the business and society at large, creating the potential
for economic, social, and subsequent political disruptions,
including in those jurisdictions in which we operate. There may
be a consequent impact on the global natural resources sector as
governments and society respond to this inflationary pressure.
The COVID-19 environment has stabilised as more people
acquire some level of immunity from vaccination and previous
infections. Reported cases across our employees and
contractors remain mild and asymptomatic with no severe cases
or deaths from COVID-19 reported in 2022. However, we remain
vigilant and our COVID-19 crisis preparedness and response plan
remains in place to enable prompt action and business continuity
should the situation change.
Investors continued to increase their call for the companies
in which they invest to improve their sustainability practices,
governance and contributions to society while reducing their
impact on the environment.
Major external factors affecting AngloGold Ashanti are:
• Global geopolitical and macro-economic uncertainty, including
inflation, skilled labour shortages, supply chain disruptions and
energy shortages
• Growing climate crisis and increasing pressure to decarbonise
operations
• Uncertain and increasingly rigorous regulatory requirements
• Increased demands for employment and other value chain
opportunities from local communities
• Increasing stakeholder and societal expectations, particularly
in relation to ESG performance and disclosures
• Pressure from international credit ratings
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Our external operating environment continued
Global geopolitical and macro-economic
uncertainty, including inflation, skilled
labour shortage, supply chain disruptions
and energy shortages
Explanation and impact
Economic uncertainty and heightened geopolitical tensions
impact several factors that can influence commodity prices,
exchange rates, and interest rates. These factors together
with investor sentiment influence the gold price, which in turn
affects the financial results of our business.
While most markets globally appear to have recovered from
the effects of the COVID-19 pandemic and related lockdowns,
the world economy has suffered further shocks resulting
from the war in Ukraine, tighter global financial markets and a
marked rise in global inflation.
According to the International Monetary Fund, the global
economy grew by 2.9% in 2022, compared to 5.9% in 2021.
The slowdown is expected to continue in 2023 with growth of
1.7% forecast for the year.
Inflation, which reached 6.5% in the US at the end of 2022,
remains a key concern with the Russian/Ukraine war spurring
higher energy prices.
The gold price received averaged $1,793/oz in 2022, which,
although high relative to the average price over the past
decade, was little changed from the $1,796/oz average for
2021. Continued price increases amid rising inflationary
expectations were countered by expectations of rising interest
rates as monetary authorities in the world’s largest economies
raised interest rates to check rising prices.
The unprovoked war on Ukraine by Russian forces in late
February 2022 continues to cause enormous suffering
and loss of life, although the disruptions to financial and
commodity markets have lessened over time. Prices for
several hard and soft commodities reached their highest
levels in a decade or more, and in some cases set records.
Brent crude oil touched levels not seen since 2012; copper
advanced to its highest level ever. Corn and wheat both soared
to multi-year highs. While the gold price responded initially,
peaking at $2,039/oz in early March 2022 before falling to a
low for the year of $1,632/oz in October. The closing price on
10 March 2023 was $1,868/oz.
Sudden price spikes experienced over the past year and
higher cost of key production inputs impacted margins. More
costly basic commodities also affected host countries and
communities. Furthermore, these higher prices threaten
the ability of the global community and individual member
states to achieve the targets set out by the United Nations
Sustainable Development Goals (SDGs) by 2030.
Our response
• Rigorously manage those variables in our control
• Continued implementation of new Operating Model to
reduce waste and duplication, improve effectiveness by
simplifying organisational structure and locate resources
closer to each operation to ensure delivery to plans
• Renewed emphasis on our Full Potential Programme
and also ongoing Operational Excellence initiatives to
optimise operating processes and reduce costs, while
seeking to ensure our workforce is fully engaged and
appropriately skilled
• Continued investment in capital projects to increase grade,
extend mine lives and widen margins over the medium-to-
long term
• Maintain balance sheet strength by reducing debt,
increasing maturity of borrowings and lowering the average
interest rate
• Apply disciplined capital allocation for exploration projects
to extend mine life and improve the quality of our portfolio
Outlook
A robust economic recovery in the United States, Europe and
China, coupled with complications in the global supply chain,
brought with it accelerating inflation and the prospect of
higher interest rates to counter rising prices. While inflation
has moderated in 2023, it remains a persistent threat. The
pace at which the US Federal Reserve and other monetary
authorities are prepared to raise interest rates to combat
inflation will have a direct impact on gold prices and input
costs in the year ahead. The focus of the business will be to
lower costs and ensure profitability at lower gold prices.
Related strategic focus areas
• Improve portfolio quality
• Enhance financial flexibility
• Optimise overhead, costs and capital expenditure
Related risks
Risk 2: Failure to successfully deliver and ramp up growth
projects
Risk 4: Inability to convert Mineral Reserve and Mineral
Resource
Risk 6: Failure to move down the industry cost curve –
all-in sustaining cost competitiveness
Risk 7: Loss of or threats to social licence to operate
Risk 8: Adverse gold and commodity prices, and currency
movements
Risk 10: Failure to attract and retain critical skills and talent
For further detail on our top risks, see Managing risks and
opportunities
Outlook
Pressure from governments, investors and broader society
to improve environmental stewardship and reduce GHG
emissions is likely to intensify. This trend is being driven by
a number of factors, including investors’ desire to mitigate
long-term risks to the overall operating environment and also
commitments made by countries under the Paris Agreement
to limit average global temperature increases to less than
1.5 degrees Celsius by 2050. To achieve this, global
emissions are projected to need reductions of 8-10%
annually between 2020 and 2050.
To do our part, we set targets designed to achieve a 30%
reduction in absolute Scope 1 and 2 greenhouse gas (GHG)
emissions by 2030 as compared to 2021, and then to
progress work toward charting a Roadmap to Net Zero Scope
1 and 2 GHG emissions by 2050. Our power mix already
includes hydro-electric energy in the DRC and Brazil, while
our planned Colombia projects will be largely hydro-powered.
Our Australian operations, previously powered by diesel
generators, presently use mostly natural gas.
Related strategic focus areas
• Focus on people, safety and sustainability
• Improve portfolio quality
• Maintain long-term optionality
Related risks
Risk 9: Inability to meet expectations or to mine responsibly
(ESG performance)
For further detail on our top risks, see Managing risks and
opportunities
Growing climate crisis and increasing
pressure to decarbonise operations
Explanation and impact
The prospect of changing rainfall patterns, rising sea levels,
higher temperatures, increased water stress or floods and
severe weather conditions caused by global climate change
remain growing concerns for businesses, investors, broader
society and governments. This has led to growing pressure to
reduce greenhouse gas (GHG) emissions and to limit fossil
energy and water usage and to promote responsible practices
in line with the United Nations Framework Convention on
Climate Change (UNFCCC), the Conference of the Parties
(COP), the Paris Agreement, the SDGs and other benchmarks.
Our response
• Maintained focus on improving our ESG performance
• Initiated two new Group standards in 2022 – the first
relating to the management of mine blasting-related noise
and vibration beyond the fence-line and the second relating
to the management of climate change risks. The latter
follows through on an action plan contained in the Group
Climate Change Strategy
• Set a target to achieve a 30% absolute reduction in Scope
1 and 2 greenhouse gas (GHG) emissions by 2030 (as
compared to 2021) through a combination of renewable
energy projects, fleet electrification and lower-emission
power sources
• Recommitted to net zero Scope 1 and 2 GHG emissions by
2050 and, in partnership with our value chain partners, to
set Scope 3 GHG reduction targets
• Climate Change Working Group maintained its focus on the
related strategy and transition processes, and will oversee
implementation of the new Climate Change Strategy
adopted in 2021
• Complied with our corporate frameworks, standards and
guidelines, as well as external ones including the ICMM
and the World Gold Council’s Responsible Gold Mining
Principles, among others
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Related strategic focus areas
• Focus on people, safety and sustainability
• Enhance financial flexibility
• Maintain long-term optionality
Related risks
Risk 5: Failure to meet our operational and safety targets
Risk 9: Inability to meet expectations or to mine responsibly
(ESG performance)
For further detail on our top risks, see Managing risks and
opportunities
Our external operating environment continued
Uncertain and increasingly rigorous
regulatory requirements
Explanation and impact
Regulatory certainty facilitates decision-making in relation to
long-term investments in mining assets with lives spanning
several decades. Regulatory changes relating to mining
rights, the payment of taxes and royalties, and operating,
closure and decommissioning requirements can impact
investment returns.
More onerous regulations can result in an increased cost of
compliance, which may be compounded by uncertainty in the
understanding or application of legislation. This can affect the
financial position of the business and its sustainability as well
as relationships with government and regulators.
Our response
• Engaged constructively with governments, local stakeholder
groups and regulators to optimise the shared value and
benefits derived from the orebody among stakeholders
• Carefully monitored regulatory changes to ensure
compliance and to facilitate long-term planning
Outlook
While we engage regularly with all governments and
regulators, particular attention is given to negotiations
with regulators in Colombia (on mining and environmental
permitting), Brazil (on evolving TSF legislation) and countries
in Africa that are considering legalising or formalising
small-scale and artisanal mining (Guinea, Tanzania and
Ghana). We engage with host governments and monitor and
evaluate actual or anticipated regulatory changes, for timely
implementation and compliance.
Regarding TSFs in particular, we remain committed to
implementing the Global Industry Standard on Tailings
Management. Tailings-related regulations introduced in
Brazil in 2022 required AngloGold Ashanti to conduct a
new detailed risk assessment, overseen by an external
consultant, of our Brazilian TSF portfolio. The outcome
of this risk assessment will result in work to buttress the
Calcinados TSF, which services the Queiroz plant at the
Cuiabá mining complex, in order to bring the facility’s post-
liquefaction factor of safety in line with the international
standards currently considered to be best practice.
Related strategic focus areas
• Focus on people, safety and sustainability
• Enhance financial flexibility
• Maintain long-term optionality
Related risks
Risk 1: Adverse regulatory changes to mining rights and
adverse fiscal changes
Risk 3: Adverse future implications of event risks
For further detail on our top risks, see Managing risks and
opportunities
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Increasing stakeholder and societal
expectations in respect of ESG
performance and disclosures
Explanation and impact
Companies, particularly those in the extractive industries,
face increased scrutiny worldwide from an array of
stakeholders:
• Providers of capital as well as ESG and credit ratings
agencies have increasing expectations relating to financial,
operating and ESG performance
• Governments’ expectations relate to contributions to the
fiscus and to national and local economies, as well as
partnerships to facilitate service delivery and social and
economic development
• Communities’ expectations relate to socio-economic
benefits – local employment and procurement
opportunities, and the provision of infrastructure,
healthcare and education, among others
Our response
• Engaged constructively with stakeholders to better
understand their requirements, to consistently manage
their expectations, and to secure and maintain our social
licence to operate
• Delivered on related strategic objectives and commitments
• Sought to ensure responsible corporate citizenship, in line
with our values
• Maintained and improved aspects of our ESG performance
– set targets and transparently reported progress made in
meeting these targets
• Created and shared value for communities in host
countries – through employment and procurement
opportunities, and by investing in socio-economic
initiatives that promote long-term resilience and self-
sufficiency
Outlook
There has been increasing expectation from governments,
investors and broader society for improved performance
and greater disclosure on ESG matters as well as financial,
operating and sustainability metrics in general. On disclosure,
we have comprehensive ESG data sets available on our
website – see and will continue to participate
annually in a number of ESG rating agency surveys and aim
to respond promptly to related queries. We have continued to
provide support to our host communities with respect to their
responses to the COVID-19 pandemic. For more detail, see
our .
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Our external operating environment continued
Managing risk and opportunities
Pressure from international credit ratings
Explanation and impact
As credit ratings agencies assess the credit risk of a
company and its ability to honour its debt obligations, the
assessments sometimes take into account the jurisdiction
in which the Company is located or operates since the
country’s political, economic and regulatory environment can
have an impact on the Company.
Our response
• Engaged regularly with ratings agencies to ensure an
accurate understanding of our potential operating and
financial performance
• Continued to look at operational efficiencies that will make
our mines more consistent in production, more resilient to
gold price volatility and thus provide stable and sustainable
cash flows
• Current Company ratings are as follows:
• S&P: BB+/stable
• Moody’s: Baa3/stable
• Fitch: BBB-/negative
Outlook
South Africa’s sovereign rating by Fitch, Moody’s and S&P will
continue to determine whether and by how much our credit
rating can improve, as our corporate rating cannot be more
than two notches above the sovereign rating of our country
of domicile (South Africa). We also remain exposed to other
lower-rated sovereign countries.
Our overall credit ratings have remained stable since
2019 and are underpinned by a diversified asset base,
robust balance sheet, strong liquidity and disciplined
capital allocation.
Related strategic focus areas
• Enhance financial flexibility
• Improve portfolio quality
Related risks
Risk 2: Failure to successfully deliver and ramp up of
growth projects
Risk 4: Inability to convert Mineral Reserve and
Mineral Resource
Risk 5: Failure to meet our operational and safety targets
Risk 6: Failure to move down the industry cost curve –
all-in sustaining cost competitiveness
Risk 7: Loss of or threats to social licence to operate
Risk 8: Adverse gold and commodity prices, and currency
movements
Risk 9: Inability to meet expectations or to mine responsibly
(ESG performance)
Risk 10: Failure to attract and retain critical skills and talent
For further detail on our top risks, see Managing risks and
opportunities
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AngloGold operates in a constantly changing and complex
environment that presents risks to our business.
Our risk management approach must be flexible in responding
to the challenges that confront us while we continue to pursue
value-creating opportunities. This is key to the long-term success
of our business.
We have established structures, processes and protocols to
allow us to manage risk in this fashion. In 2022, however, we
reviewed our Group Risk Management Framework taking into
consideration our new Operating Model.
The revised Group Risk Management Framework adheres to the
King IV Corporate Governance Risk Principles, ISO 31000 and the
Committee of Sponsoring Organisations (COSO) Enterprise Risk
Management Framework.
The Board and CEO are committed to ensuring that risk is
managed effectively to ensure we meet our strategic business
objectives. Our Group Risk Management Framework aims to
provide assurance that all risks across the Group have been
properly assessed, mitigated, and monitored, within appropriate
risk tolerance levels.
Level 3 independent assurance:
Certifications, internal and external audits
Level 2 assurance: Governance
functions, risk and compliance
Level 1 assurance: Management
3
2
1
Identifying
Reporting
Assessing
RISK MANAGEMENT
PROCESS
Mitigating
Evaluating
Responding
Risk management framework
Effective risk management requires that we identify, assess,
evaluate and respond to the risks faced by the business. In
order to do this effectively we reviewed our Risk Management
Framework to align AngloGold Ashanti’s risk management
practices with the new Operating Model. This resulted in a revised
Framework, where we replaced the standalone Risk Policy
through with risk management principles embedded in various
Group policies and set a minimum standard of risk management
as part of the work we do.
The Framework applies across the Company and to its
managed entities. It guides us in a proactive and systematic
way to monitor potential risks and opportunities. These can be
associated with uncertainty, societal and political transition,
economic fluctuations, regulatory changes and operational
and production risks across all areas of our business and by all
levels of management.
The governance of risk is entrenched in the Board’s structure
and oversight. A level of risk governance is also embedded in
the new Operating Model’s single-point accountability function
and in the revised new Group Delegation of Authority. The Group
Risk Appetite and Tolerance Statement is a Board accountability
function and requires Board approval to ensure the enterprise
and operational matrices used to assess risks adequately reflect
the threshold of acceptable risk for the Group. Assurance, mainly
through the Group Internal Audit department, is an integral part of
our overall risk governance.
Risk management is integral to business activity and is integrated
into Group-wide policies with our risk strategy part of executive
accountability. The Group Risk Management Standard is an
integral part of our Group-wide suite of Standards.
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Managing risk and opportunities continued
Role of the Board, Audit and Risk
Committee, Executive and management
The new Operating Model has introduced more direct employee
accountability, which leads to more efficient operations with
the ability to create and unlock value for the organisation. The
Board, which has ultimate accountability for the oversight of
management of our risks, provides oversight of AngloGold
Ashanti’s Risk Management Framework and determines the
organisation’s risk appetite and tolerance.
The CEO is responsible for determining the risk management
philosophy and approach and the adoption of the risk
management standards set.
Management is accountable for effective management of risk
and reviewing mitigations that are in place, in accordance with
the risk management methodology.
Group Internal Audit provides independent assurance, based on
a periodic evaluation of controls and compliance, as well as an
objective view of delivery on the risk management process.
The Audit and Risk Committee is accountable for risk governance
and risk management system oversight.
Our risks and opportunities are identified at an operational and
Business Unit level.
Group Risk Management Framework
Overview
Our risk philosophy
and approach
Managing risk
is integral to
achieving business
objectives
Ensuring
compliance with
governance
and ISO 31000
requirements
Risk Management
is entrenched
into all business
activities
New Group
policies integrate
risk management
principles
Board sets the
appetite and
tolerance limits
implemented in the
risk assessment
matrix
Assurance
oversight
GOVERNANCE
Board structure
Appetite and tolerance
Assurance
STRATEGY
Enterprise-wide
and operational risk
management
Integrated with
business strategy and
integral to decision making
Board component
Executive component
Top down
GROUP RISK
MANAGEMENT
FRAMEWORK
Bottom up
VALUE OF
PERFORMANCE
PROCESS
Matrix
Standards
Risk plans
Training
Systems
(Risk registers and tools)
Defines the risk
management
system, minimum
requirements,
monitoring and
reporting
Key performance indicators
Compliance with
methodology
Risk Intelligence informing
real time risks
Continuous improvement
Proactive,
opportunities,
efficiencies,
effectiveness,
real risks
Opportunities
Increasing our asset potential
We continue to prioritise careful allocation of capital. The Full
Potential Programme (FP) is central to this and is designed to
optimise efficiencies and achieve cash cost reductions through
improvements in key mining activities, improved metallurgical
recovery, and reduced downtime, among others. The programme
is site-owned and led, and the General Manager of each operation
is accountable for understanding and delivering the full potential
of their asset. Governance is provided by a central Steering Group
which provides strategic direction to the site teams. See the
CEO’s review, Improve portfolio quality and Strategic trade-offs in
this report.
Improving on systematisation
The FP allows us to take a step back and reassess the business
as a whole. We have reflected on the models applied and our
systems and processes. This has provided opportunities to
introduce continuous improvement through reviewing practices,
benchmarking against best practice and, where applicable,
seeking external advice.
The initiative enables us to focus on our key strategic objective,
of gaining cost competitiveness. See How we create value,
Our business model and Optimise overhead, costs and capital
expenditure.
Emerging risks
Scarcity
Disruption to global markets post COVID-19 lockdowns and as
a result of Russia’s war on Ukraine, has exposed vulnerabilities
in the security of supply of certain raw materials for industrial
production.
The mining sector, like many others, faces a new reality of having
to mitigate inflationary impacts across a range of inputs while
dealing with macroeconomic shocks that may impact operations
and costs.
Global trade restrictions are likely to further impede supply chains
with certain constraints in supply of strategic commodities being
experienced at an operational level.
Rising geopolitical tensions and conflicts are likely to further
exacerbate supply blockages for goods and services and will
contribute to cost increases.
Gold resources are finite and this presents challenges for growth
that requires investment in exploration and the maintaining of
high-quality mines.
Social
Societies have not fully recovered from the COVID-19-related
shutdowns and related health, economic and social impacts.
Precarious global economic conditions, with growing political
uncertainty and geopolitical tension, has resulted in a more
difficult socio-economic environment in some areas. Mining
companies are faced with the challenges of maintaining an
effective social compact under these challenging conditions,
particularly in certain developing markets, including some in
which we operate. Greater fiscal pressures through changing
legislation are often coupled by greater social demands, with
both stemming from deteriorating macroeconomic conditions.
As the socio-economic situation deteriorates, security risks may
rise in tandem, especially in remote regions where we operate.
We are also likely to see increasing localisation pressures
from both communities and governments and administrations
searching for avenues to increase fiscal revenues.
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Managing risk and opportunities continued
Our top 10 residual Group risks
Our risks are assessed over the short, medium and long term. The heat map below shows the residual rating for each of our top 10 risks
over a three-year view (medium term). Residual risk is the Company’s exposure to a particular risk once mitigation measures have been
applied to the inherent risk.
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Almost
certain
Likely
Possible
Unlikely
Very rare
1
3
2
4
5
8
7
6
10
9
Minor
Moderate
High
Major
Extreme
Consequences
Potential risk
Risk
owner *
Rank
(previous)
1
(1)
Adverse regulatory changes
to mining rights and fiscal
requirements
2
(3)
Failure to successfully deliver
and ramp up growth projects
3
(4)
Adverse future implications of
event risks
4
(2)
Inability to convert Mineral
Reserve and Mineral Resource
5
(5)
Failure to meet our
• operational targets
• safety targets
6
(6)
Failure to move down
the industry cost curve –
all-in sustaining cost
competitiveness
7
(7)
Loss of or threats to social
licence to operate
8
(9)
Adverse gold and commodity
prices, and currency
movements
9
(10)
Inability to meet expectations
or to mine responsibly (ESG
performance)
10
(8)
Failure to attract and retain
critical skills and talent
CLO
CTO
CTO
CDO
COO
CFO
CSCAO
CFO
CSCAO
CPO
Nature of risk:
External
Operational
Strategic
* See Executive Committee
Prioritise
people,
safety,
health and
sustainability
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.
Supporting our strategy
for sustainable cash
flow improvements and
returns
Improve
portfolio
quality
Maintain
financial
flexibility
Optimise overhead, costs and
capital expenditure
Maintain
long-term
optionality
For detail on our strategy and strategic focus areas, see Our strategy – an overview
Our principal risks
Our risks are assessed over the short, medium and long term. Not all of these factors contributing to our principal risks are within the
control of management as they are influenced by exogenous factors. These external factors include among other things COVID -19
and its lingering impacts on employees, supply chain resilience, resource nationalism, macroeconomic factors, the gold price, and
unforeseen events in our areas of operation. These factors carry varying degrees of uncertainty and at times require agile responses to
manage the risks. For more on these external factors, see Our external operating environment in this report.
Risk
1
Adverse regulatory
changes to mining
rights and fiscal
requirements
Experience shows that political,
tax and economic laws and
policies in our operating
jurisdictions can change quickly.
We operate in countries that can
from time-to-time experience
a degree of social and political
instability as well as economic
uncertainty.
2
Failure to successfully
deliver and ramp up
growth projects
Failure to develop and
operate projects in line with
expectations could negatively
impact business performance.
Strategic
focus areas
impacted
Committee
oversight
• Social,
Ethics and
Sustainability
Committee
• Audit and Risk
Committee
Mitigating action
• Conduct regular, inclusive engagement and broader
collaboration with governments, communities and NGOs
• Continuously monitor legislative, regulatory and political
landscape
• Make use of joint venture alliances with local companies in
line with host country’s regulatory requirements to improve
participation of host-country industries
• Seek to ensure compliance with relevant country legislation
and regulation
• Have in place a government relations framework to guide
engagement
• Investment
Committee
• Create multi-disciplinary steering committees
• Adopt robust approach to regular stage-gate project reviews
to assess projects and allocate capital in accordance with our
capital allocation framework
• Seek to ensure appropriate project skills, systems, structures
and governance are in place
• Ramp up safe operations at Obuasi
• Minimise supply chain disruptions, retain critical commodities,
reduce and or plan for extended lead times
Feasibility study and due diligence
• Quebradona — optimise feasibility study and prepare a
new Environmental Impact Assessment to submit with the
Company’s new licence application
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Managing risk and opportunities continued
Risk
Mitigating action
• Ensure adequate liquidity and bond submissions in
anticipation of events
• Comprehensive TSF governance and management framework,
standards and guidelines developed to address tailings-
related risks
• Convert conventional TSFs to filtered tailings deposition in
Brazil to comply with regulatory requirements
• Seek to ensure effective project management of conversion to
dry stacking
• Prepare plans for the buttressing of the Calcinados TSF at the
Queiroz plant in Brazil in order to align the post-liquefaction
safety factor with the international standards currently
considered best practice. This follows completion of a risk
assessment, required by the new regulation and overseen by
external consultants. See related Media release.
Short term
• Improve Mineral Reserve development to create flexibility for
mines to cope with unexpected events that might interrupt
and hinder delivery on the mine plan
• Conduct greenfields and brownfields exploration to replenish
mineral inventory
• Increase conversion of the Mineral Resource to Mineral
Reserve
• Apply robust business planning, portfolio optimisation and
feasibility studies to support Mineral Reserve conversion
Long term
• Implement focused greenfields exploration targeting new
discoveries
• Seek to ensure delivery of business plans by focusing on
Mineral Resource modelling, integrated business planning and
execution
• Improve Mineral Reserve life and enhance planning certainty
• Maintain operational excellence programmes aimed at
improving efficiency
• Focus on safe production across all operations with a goal
of zero harm including implementation of refreshed safety
strategy
• Continue ongoing monitoring of physical and mental health of
employees and response planning
3
Adverse future
implications of event
risks
Potentially catastrophic events
include among other events
the COVID-19 pandemic, a TSF
failure and our inability to ensure
ongoing business liquidity. Such
events could have significant
financial consequences and
cause fundamental changes in
the way we operate.
4
Inability to convert
Mineral Resource and
Mineral Reserve
It is essential to replace
depleted Mineral Reserve in
order to maintain or increase
production in the long
term. If not, our operational
performance, financial condition
and prospects will be adversely
affected.
5
Failure to meet our
operational and safety
targets
Unplanned stoppages and
unforeseen operational
interruptions, and operational
accidents or injuries that
can impact production could
adversely impact business.
Strategic
focus areas
impacted
Committee
oversight
• Social,
Ethics and
Sustainability
Committee
• Audit and Risk
Committee
• Investment
Committee
• Investment
Committee
• Audit and Risk
Committee
• Social,
Ethics and
Sustainability
Committee
Strategic
focus areas
impacted
Committee
oversight
• Audit and Risk
Committee
• Investment
Committee
• Social,
Ethics and
Sustainability
Committee
• Audit and Risk
Committee
• Investment
Committee
Risk
Mitigating action
6
Failure to move
down the industry
cost curve –
all-in sustaining cost
competitiveness
Margins and free cash flow
are at risk when the gold price
remains static or declines, when
production targets are not met
or when costs increase, with a
potentially adverse impact on
our financial position.
7
Loss of or threats
to social licence to
operate
Failure to operate in a
sustainable and responsible
manner to provide benefits to
communities could threaten our
social licence to operate and
adversely impact our financial
position.
8
Adverse gold and
commodity price, and
currency movements
Lower spot prices and
strengthening of currencies in
host countries will adversely
impact our ability to generate
free cash flow.
• Complete the Full Potential Programme to optimise asset
performance
• Drive operational excellence programmes
• Introduce lower cost ounces to the Mineral Reserve and,
ultimately, the production base
• Optimise capital to generate maximum returns
• Implement new Operating Model to improve effectiveness,
ensure better operational outcomes and reduce costs
• Target stakeholder mapping and engagement
• Monitor legislative, regulatory and political landscape in
anticipation of negative impact on business
• Meet local content and localisation requirements
• Share economic benefits with host countries and
communities
• Review sustainability performance with general managers
and increase overall awareness among senior management
cohort across all operations
• Continue to assess status of social licence to operate
at operations
• Enhance cost competitiveness by improving quality of
the portfolio
• Focus on cost, efficiencies, and capital discipline
• Maintain long-term optionality by ensuring competitive
project pipeline
• Improve debt profile and interest cost of capital
• Apply conservative gold price and currency planning
assumptions
• Conduct sensitivity analyses on gold price, production,
exchange rates and Group risk adjustments
• Implement new Operating Model to improve effectiveness
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Oversight and accountability
While ultimate responsibility for stakeholder engagement lies
with the Board, the Social, Ethics and Sustainability Committee
assists with oversight of our stakeholder engagement
framework and structures. The committee reviews the related
framework and engagement structures annually.
Engaging key stakeholders
We have identified our key stakeholders, the significance of
engagement with each, their primary concerns and expectations,
and our response. In addition, we have conducted self-
evaluations of the quality and nature of our relationship with each
stakeholder grouping as follows:
Strong = collaborative and mutually advantageous (positive)
Cordial = sufficiently involved to achieve common goals (stable)
Weak = requires some effort and consultation to achieve
consensus (challenging/difficult)
Managing risk and opportunities continued
Integrated stakeholder engagement
Strategic
focus areas
impacted
Committee
oversight
• Investment
Committee
• Social,
Ethics and
Sustainability
Committee
• Social,
Ethics and
Sustainability
Committee
• Remuneration
Committee
Risk
Mitigating action
• Conduct regular engagement and collaboration with
stakeholders
• Undertake transparent reporting and public disclosure
• Review sustainability performance with general managers
and increase overall awareness among senior management
cohort across all operations
• Seek to ensure good corporate citizenship, governance and
disclosure
• Manage and limit environmental impacts and progress
achievement of targets
• Integrate climate considerations into the business and
undertake physical climate risk assessments for all
operations
• Implement Climate Change Strategy
• Include stakeholders in COVID-19 response plans
• Implement a human rights framework
• Enhance diversity and inclusion practices
• Implement development planning and deployment initiatives
to ensure internal skills building and a future pipeline
• Develop value proposition of AngloGold Ashanti as an
employer of choice
• Increase training capacity for scarce artisan skills
• Implement short- and long-term incentive schemes
• Conduct employee engagement surveys and act on feedback
• Enable flexible working functionality to attract a diverse
workforce
• Develop global mobility programme to enable skills retention
9
Inability to meet
investor expectations
on responsible mining
(ESG performance)
Irresponsible mining practices
and/or perceptions of
insufficient commitment to
ESG standards could lead to
an adverse impact on the price
of our securities and our social
licence to operate.
10
Failure to attract and
retain critical skills
and talent
Inability to retain and attract
sufficiently skilled and
experienced employees may
harm our business and growth
prospects. Having the right
people with the required skills
is vital to the efficient conduct
of our business and strategic
delivery.
Prioritise people, safety,
health and sustainability
Maintain financial flexibility
Optimise overhead, costs
and capital expenditure
Maintain long-term
optionality
Improve portfolio quality
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Inclusive stakeholder engagement and effective
management of stakeholder relations, concerns and
expectations have a direct bearing on our ability to deliver
on our strategy and create sustained value
Our approach to and rationale for
engagement
We are committed to collaborative stakeholder engagement. Our
integrated, inclusive stakeholder engagement process seeks to
balance the needs, interests and expectations of stakeholders
with those of AngloGold Ashanti. This process is fundamentally
important at every stage of our business cycle – from exploration
through to mine closure.
Our engagement structures are aimed at helping us navigate
the political, regulatory and legislative environments in which
we operate, providing insights into potential risks, opportunities
and material sustainability issues with the potential to affect
our ability to create value, so enabling us to better manage and
act on such risks, opportunities and issues, to maintain our
social licence to operate, to deliver on our strategy and to create
sustained long-term value.
Our significant stakeholders
• Investment community
• Employees, including unions
• Governments and regulators
• Communities
• Suppliers
• Industry partners and peers
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Integrated stakeholder engagement continued
Investment community
Quality of engagement: Strong
Employees and unions
Quality of engagement: Cordial
Includes: Shareholders, current and future investors, debt funders and other providers of capital.
Includes: All employees as well as their representative labour unions at certain operations
This stakeholder group represents the principal providers of financial capital. We engage with both international and
local institutional investors, private investors and fund managers as well as investment and ESG analysts and financial
media.
Transparent and consistent engagement on our performance and delivery on our strategy, and to manage
expectations can enhance investor sentiment and our reputation and improve access to capital and our market
valuation. The CEO, CFO and Chief Corporate Affairs and Sustainability Officer, supported by the investor relations
team, are responsible for shareholder engagement. Such engagement, which is regular and carried out through a
variety of channels, is conducted in line with our listing and exchange requirements.
Employees, our human capital, provide the labour, knowledge, skills and expertise necessary for the efficient operation
of our business and successful delivery on our strategy. Constructive employee engagement promotes stable
employee relations, enhances productivity and ensures alignment on our strategic objectives.
Line management, supported by the human resources function, is the main point of engagement. Engagement is
frequent and ongoing, formal and informal, and includes official communications issued by the business, as well as
company-wide town hall meetings, in-house presentations and awareness campaigns on various topics such as safety,
health, business performance, the new Operating Model and COVID-19 updates. Communication media used includes
email, newsletters, employee briefs, video bulletins, WhatsApp, the intranet, social media platforms and personal
communication with line management. Union engagement is more formal and structured.
Key issues of engagement
Our response
Financial and operating performance
• Provided detail on financial and operating performance
• Continued strengthening of the balance sheet to better weather short- and medium-term
volatility in gold price and the general operating environment
• Debt consolidation
• Communicated areas of delivery on strategy
Cash lock-up challenges
• Ongoing engagement with host governments and regulators
Key issues of engagement
Our response
Progress made with implementation
of our new Operating Model
(continuous improvement)
Safety
• Focused employee engagement across all levels
• CEO held several employee town halls, one-on-one and small group meetings, issued
numerous briefs to communicate revised priorities, progress made, and benefits gained
from new Operating Model
• All 2022 deliverables of the three-year strategy plan were achieved and communicated
to employees. During 2022, focus was on the design and rollout of the refreshed major
hazards safety – see Major Hazard Control Standards
• Provided detail on progress in dealing with cash lock-ups in DRC, Tanzania and Argentina
Organisational culture
• Post the culture survey conducted in 2021, our corporate values are being revitalised and
Obuasi ramp up
• Updated market on the Obuasi ramp up and progress being made with Phase 3 project work
• Continued engagement with local stakeholders regarding the benefits of AngloGold
Ashanti’s ongoing investment in the development of Obuasi and its investment in social and
community projects
Climate approach
• Committed to the ICMM’s target of net zero Scope 1 and 2 GHG emissions by 2050
• Presented our revised medium-term targets for a 30% reduction in absolute Scope 1 and 2
GHG emissions by 2030 as compared to 2021
ESG performance
• Made detailed submissions to ESG index and rating agencies and delivered regular
feedback on ESG-related performance
Impact of surge in global inflation
(diesel/oil prices, etc)
Impact of Russian war on Ukraine on
supply chain/lines
• Sensitivity analysis is provided for all key assumptions in the financial statements
• Focused on cost control, including through re-negotiation of contracts with suppliers
• Strategic inventory, alternative supply sources and various commercial levers as part of
category strategies for impacted materials and equipment to mitigate impact of rising costs
and potential delays in delivery
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Obuasi ramp up
• Provided updates on progress made with implementation of the Phase 3 project work and
will be launched early in 2023
Productivity, maintaining focus on
strategy and meeting guidance on
production and other performance
metrics
production ramp up
• New Operating Model implemented – focused communication by line managers to
reinforce delivery in line with strategy
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Integrated stakeholder engagement continued
Governments and regulators
Quality of engagement: Cordial
Communities
Quality of engagement: Cordial
Includes: National, regional, local governments as well as various regulators and departments (mining, environmental,
social, labour, taxation)
Includes: Those communities located in the vicinity of our operations, in which many of our employees reside, on
whose goodwill we depend, and who are directly impacted by mining operations.
Government and regulators develop and implement legislation and associated regulations that can significantly
affect AngloGold Ashanti or one or more of our operations. Ongoing engagement aims to communicate the state
of the business and its challenges and opportunities, to mitigate regulatory and political risks, encourage certainty,
strengthen our social licence to operate and generally promote an environment conducive to investment and
development. Proactive engagement with governments includes regulatory submissions, formal and informal
discussions on significant issues, and service delivery collaborations.
Direct engagement by corporate and site teams with national, regional and local governments in each jurisdiction
continued through the year, alongside engagement with those parties through industry bodies.
The subject matter covered in these engagements spanned a variety of issues, from updates on our operating
performance to the status of various projects and communication about the benefits of our operations to local
communities and value chains. These meetings also allowed our teams to remain abreast of changing political and
regulatory dynamics.
Key issues of engagement
Our response
Compliance
• The Group Compliance function plays an essential role in co-ordinating compliance with
laws and regulations, standards and contractual obligations, and in assisting and advising
the Board and management on designing and implementing appropriate compliance
policies and procedures
• Ongoing monitoring of compliance with laws, regulations and legal registers by country –
this includes self-certification processes
• Improved internal systems and activities to meet requirements of regulatory changes
• Developed system to track political changes across the Group. Engaged with current and
new governments on matters relating to mining agreements and tax matters
Regulatory changes
Political changes
TSF management
• Continued with work required to align all tailings storage facilities (TSFs) with the Global
Industry Standard on Tailings Management (GISTM). In Brazil, our conventional TSFs have
transitioned to filtered tailings deposition and we have introduced new filtered tailings
stacking areas to comply with federal requirements. In addition, preparation is underway to
buttress the Calcinados TSF, which services the Queiroz plant, to align its post-liquefaction
factor of safety with the international standards currently considered best practice
• Continued engagement on the construction of Iduapriem’s Beposo TSF, which is on track
for commissioning in 2023
Project development updates –
Ghana and Colombia
• Continued to engage with regulators and governments on progress being made on and
status of projects in respective countries
Regulatory compliance – safety,
local economic and community
development and taxation
Repatriation of funds (DRC) and
artisanal and small-scale mining
(ASM) challenges (Guinea)
Mitigation of political and
regulatory risk
• The Colombian national environmental licensing agency (ANLA) formalised its decision
to archive the Quebradona environmental licence application. The Company is preparing
a new Environmental Impact Assessment to submit with its environmental licence
application
• Engaged regularly with governments and relevant regulators to provide updates on
regulatory compliance
• Maintained dialogue in the DRC on the repatriation of funds held through joint venture
partner and operator, Barrick
• Continued timeous payment of taxes, royalties and duties
• Artisanal mining around gold mines remains an especially pressing challenge for the
industry, and for our Africa mines in particular. Senior management engaged with
governments and authorities.
• Engaged with governments and relevant regulators to ensure channels of communication
remain open
We are accountable to host communities to be a responsible corporate citizen. Communities can directly affect our
social licence to operate. In line with our values, we aim to leave a positive legacy for those communities.
Our engagement aims to inform stakeholders, manage expectations, uphold human rights and ensure community
and asset security. Engagement is critical to our collaborations with communities to develop and implement local
socio-economic development programmes. These programmes contribute to economic growth, stimulate income-
generating opportunities, create employment, and aim to nurture sustainable livelihoods beyond the life of mine.
Mutually beneficial community partnerships enhance shared value creation and support our social licence to operate.
Our community engagement strategy identifies potential areas of interest and concern within local communities.
Engagement activities are largely delivered through various community forums that involve representatives from
AngloGold Ashanti, the community and local authorities. Grievance mechanisms, together with accompanying
resolution procedures, enable communities to lodge complaints that can be resolved.
Key issues of engagement
Our response
Employment and procurement opportunities
and local enterprise and economic
development programmes
Environmental and social impact of mining
activities on communities (noise, dust, water
issues)
• Worked to ensure the Obuasi redevelopment aligned with commitments made to
the Government and the community in Ghana (see Suppliers)
• Continued to include local suppliers in our database. Globally, around 96% of
relevant expenditure was spent with local suppliers in 2022
• As part of our localisation policies and procedures, and in line with country-specific
legislation, we work to promote and ensure the employment of local people
through skills development initiatives and by giving local workers preference when
employment opportunities arise
• Optimised participation by local companies and the transfer of skills in the Obuasi
redevelopment project
• In line with our socio-economic contribution standard, we support alternative
livelihoods and local economies though community development projects in host
communities
• Implemented the sustainable partnership programme in Brazil and advanced the
social management plan in Iduapriem
• Delivered on our corporate social responsibility plans for Geita and continued to roll
out development initiatives, working with communities and governments across all
our sites
• Worked to ensure accessible grievance mechanisms in place across the Group
• Responded, followed up and resolved complaints received via the community
grievance mechanism
Social licence to operate
• Engaged with key stakeholders regarding new mining projects and mine expansion
projects to ensure community support
• Implemented stakeholder engagement plans at all operations
• Expanded the scale of our perception surveys to obtain and understand the views
of external stakeholders
Potential business interruptions
• Maintained engagement with host communities on socio-economic contributions
accrued to communities across the Group
Legacy issues (social and environmental),
post asset sale in South Africa
• Worked with communities, host governments and associations to address artisanal
and small-scale mining and /illegal mining challenges
• Continued to honour financial obligations to former employees in South Africa
• Studied options for legacy social projects in South Africa to benefit former
employees and their families
For more information on work undertaken to establish self-sustaining communities, see .
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Integrated stakeholder engagement continued
Suppliers
Quality of engagement: Strong
Includes: AngloGold Ashanti has many suppliers, ranging from established multi-national corporations, local strategic
partnerships (such as joint ventures) to smaller, more localised businesses – and labour contractors.
Our suppliers provide those vital inputs – raw materials, products and services – required to conduct our business
activities. We endeavour to ensure suppliers are aligned with our business ethics and values, internal policies and
standards, and codes of behaviour by requiring suppliers to review, understand and comply with AngloGold Ashanti’s
Supplier Code of Conduct.
Key issues of engagement
Our response
Responsible sourcing
• As a condition of working with AngloGold Ashanti, suppliers must comply at a minimum
with all relevant laws and industry regulations, and must be aligned with our business code
of ethics, values, and codes of behaviour, including responsible sourcing
• Our responsible sourcing programme enables us to identify risks relating to human rights
violations to help our suppliers make ethical decisions when purchasing goods and
services
• Published a Modern Slavery Statement to comply with Australian regulations and integrate
supply chain modern slavery risks into our broader Human Rights Framework to improve
governance. See
Local content and procurement
opportunities
• Designed programmes to promote local procurement and build in-country mining skills
bases to empower local communities and reduce reliance on expat labour by enabling the
sustainable transfer of skills and capacity building programmes
Community capacity building and
localisation
• Geita contributed to capacity building of its host communities by partnering with the
National Economic Empowerment Council of Tanzania (NEEC) to encourage participation
by Tanzanians in the procurement of local goods and services in mining. More than 300
local businesses have been trained and we see increased participation of local vendors in
bidding and tender processes
Supply chain risks
• Proactively monitored global supply chains to promote resilience and continuity of supply
threatened by the Russian war on the Ukraine. Measures put in place to address the
sustainability of our strategic supplier base include, for example, timely payment to and
support for small, medium, and micro enterprises (SMMEs) to create business opportunity
and growth. We extended rosters for contractor expats who are subject to longer quarantine
periods due to border closures and restrictions
Industry partners and peers
Quality of engagement: Strong
Includes: National or local mining/industry bodies, the ICMM, World Gold Council (WGC), among others, providing a
joint platform for addressing industry-related developments and concerns, as well as initiatives for sharing lessons
learnt and best practice.
Engagement aims to garner support and promote collaboration with other shared stakeholders – governments,
regulators, employees, unions and communities – on matters of mutual concern, to work together to reduce
regulatory and political uncertainty, and to promote long-term partnerships. These include joint efforts to find
solutions to sector or industry challenges, and on any new developments to promote the future of the industry.
Engagement, which is led by the CEO and designated area leads, involves various platforms including conferences,
meetings and other industry forums.
We continued to engage with our peers through various forums, both through industry organisations in our operating
jurisdictions and at a global level through various bodies including the ICMM and the WGC, among others. These
connections with our peers across the local and global mining sectors help ensure we stay abreast of developing
trends, allow us to provide input on major issues affecting mining companies in general and AngloGold Ashanti in
particular, allowing us to contribute to a collective voice for the sector. Much of the discourse in these forums is
centred on the broader environmental, social and governance topics, including the ongoing development of best
practices and how best to communicate the significant amount of good work being done by the industry in each area.
We continued implementation of the ICMM’s Performance Standards and the WGC’s Responsible Mining Principles.
Key issues of engagement
Our response
Climate change
Evolution of ESG
• We have committed to the ICMM’s target of net zero Scope 1 and 2 GHG emissions
by 2050; as well as a medium-term target to cut absolute Scope 1 and 2 GHG
emissions by 30% compared to 2021 by 2030. Our 2030 targets are embedded in a
Roadmap to Net Zero that focuses on all Scope 1 and 2 sources of energy-related
emissions, at both our mine sites and electric power providers
• Our ESG performance is crucial to the broader financial and operational success of
our business, and to our ability to generate value for all stakeholders. We continue
to work closely with community and government stakeholders to align our social
and environmental investments with their needs and aspirations
Making clear the benefits of mining
• Contributed to the WGC’s report, Gold Mid-Year Outlook 2022
Regulatory uncertainty
• Collaborated with industry bodies to manage and improve regulatory and political
TSF management
Engaging with media
certainty
• We have, along with our peers in the ICMM, committed to implement the Global
Industry Standard on Tailings Management (GISTM). See People, safety, health,
environment and communities, and the
Media engagement helps facilitate improved understanding of AngloGold Ashanti’s business among government stakeholders,
the investment community and the general public, promotes transparent and accurate reporting, and contributes to constructive
relationships with other stakeholders. It also aids reputation management, improves transparency and credibility, supports our social
licence to operate, and can address speculation and misinformation in the public domain.
See Value by stakeholder for further detail on value created and distributed in relation to each of these stakeholders.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Integrated stakeholder engagement continued
Strategic response and delivery
Risks and material sustainability issues by stakeholder
Stakeholder engagement plays a role in identifying, managing and mitigating both our risks and material sustainability issues. For
more on the process of risk identification and management, see Managing our risks and opportunities in this report. In our ,
we identify and focus on our principal material sustainability issues in detail. In the table below, we map our risks and material
sustainability issues by stakeholder.
Stakeholders, primary risks and material sustainability issues
Stakeholder
Related risks
Related material sustainability issues
All risks
All
In this segment:
Strategic response and delivery
CEO’s review and outlook
Executive Committee
Revitalising our culture, refreshing our values
P56
P58
P59
Investment community
Employees and unions
Risk 10: Failure to attract and retain critical skills and
talent
Issue 1: Ensuring the health, safety and security of
employees and communities
Issue 3: Respecting and upholding human rights
Issue 7: Supporting self-sustaining communities
Issue 8: Increasing diversity, equity and inclusion
Issue 10: Addressing artisanal and small-scale
mining
All
Issue 9: Navigating political and regulatory changes
Issue 5: Upholding business ethics and transparency
Issue 1: Ensuring the health, safety and security of
employees and communities
Issue 3: Respecting and upholding human rights
Issue 7: Supporting self-sustaining communities
Issue 8: Increasing diversity, equity and inclusion
Issue 10: Addressing artisanal and small-scale
mining
Issue 2: Ensuring the safety and integrity of our
tailings storage facilities
Risk 2: Failure to successfully deliver and ramp up
growth projects
Suppliers
Risk 5: Failure to meet our operational and safety
targets
Risk 6: Failure to move down the industry cost curve
(all-in sustaining cost competitiveness)
Risk 1: Adverse regulatory changes to mining rights
and adverse fiscal changes
Governments
and regulators
Communities
Industry partners
and peers
Risk 7: Loss of or threats to social licence to operate
Risk 9: Inability to meet ESG expectations or to mine
responsibly
Risk 3: Adverse future implications of event risks
Risk 1: Adverse regulatory changes to mining rights
and adverse fiscal changes
Issue 2: Ensuring the safety and integrity of our
tailings storage facilities
Environment *
Risk 3: Adverse future implications of event risks
Risk 7: Loss of or threats to social licence to operate
Issue 4: Managing water as a finite and at-risk
resource
Risk 9: Inability to meet ESG expectations or to mine
responsibly
Issue 6: Pathway to net zero and climate change
resilience
* While the environment is not a stakeholder with which we can engage, it is an aspect of our world on which we, as a mining company, have a significant
impact that warrants inclusion here, given the many environment-related risks and material sustainability issues. The environment is also a key element of our
foundational strategic focus area, namely pioritise people, safety, health and sustainability.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 CEO’s review and outlook
“It’s been a year of
significant progress for us
as we begin in earnest the
strategic journey to regain
the cost competitiveness
which had been lost in
recent years”
Alberto Calderon
Chief Executive Officer
Dear Stakeholder,
It’s been a year of significant progress
for us as we begin in earnest the
strategic journey to regain the cost
competitiveness which had been lost in
recent years. We delivered several of our
strategic objectives in 2022, achieving
improvements in production, cash
flow and safety, all while holding cost
increases at around half the inflation
rate. Our geologists again replaced
Mineral Reserve depletion.
Strategic delivery
We embedded the new operating model,
which organises our business in a way
that empowers our line management
and properly locates accountability. It
also ensures the right people are in role,
reduces waste and duplication, and
makes clear the work that needs to be
done in service of our strategic goals.
This operating model, and the clarity
it brings to our employees, forms the
central plank of our strategy.
The operating model was complemented
by continuing work to better understand
and improve the organisational culture,
and – after more than 15 years – to
update our corporate values. These
values are fundamental in guiding how
we behave, how we do our work, and
how we interact with our colleagues, our
environment and our neighbours.
The clarity brought by the new structure
contributed to a significant improvement in
our operating performance during 2022.
We delivered on our guidance for
production, capital expenditure and all-in
sustaining cost. Cash costs, marginally
above our guidance range, rose only 6%
year on year to $1,024/oz. Our ability to
limit the cost increase to roughly half the
average inflation rate experienced across
the business, was the first important
step in narrowing the margin gap that
had widened to unprecedented levels
with our peers in recent years.
Inflation was a hallmark of 2022, driven
by soaring prices for staple foods and
fuel, as well as a host of other inputs,
including labour costs. While the rate
of price increases slowed toward the
end of the year, inflation is likely to
remain a persistent challenge well into
2023, and perhaps beyond. Continued
implementation of our Full Potential
Programme, a root and branch process
to optimise efficiency of our mines and
plants, will be vital to ensuring we can
counter this upward pressure on costs.
Production rose 11% to 2.742Moz ,
boosted mainly by our Obuasi Gold Mine
in Ghana, which returned to production
early in the year after a several month
stoppage following the sill pillar collapse
in May, 2021. Output from the mine was
in line with our forecast at 250,000oz,
creating a foundation for its continued
ramp up to our target of more than
400,000oz a year by end of 2024.
Ensuring this important mine continues
to deliver on its significant multi-decade
potential – while delivering benefits to
its host communities and to the people
of Ghana -- remains an important part of
our overall investment case.
While there were many bright spots in
the portfolio, special mention must be
made of Geita Gold Mine, in Tanzania,
which pairs a world-class orebody
with an exceptional team and again
exceeded our expectations in returning
to production levels of more than
500,000oz. The performance cements
its status as a true tier one gold mine.
Higher production was also registered
across our managed operations, with
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the exception of AGA Mineração, which
suffered the impact of heavy rains and
flooding in the first quarter.
Replacing depletion
We are in the midst of a programme
of inward investment to increase
Mineral Reserve conversion, extend our
Mineral Reserve lives, improve mining
flexibility and upgrade knowledge of
our orebodies. This focused investment
helped us once again to more than
replenish our mineral endowment, adding
11.4Moz to our Mineral Resource and
3.5Moz to our Mineral Reserve, pre-
depletion.
That’s no flash in the pan. We’ve made
cumulative Mineral Reserve additions
(pre-depletion) to our inventory over the
past three years of 12.2Moz, at a cost
of $67/oz. In an industry characterised
by often expensive dealmaking to fill
project pipelines, our consistent ability to
competitively add ounces is an invaluable
competitive advantage.
This quality was on clear display in
Nevada, where our Mineral Resource
position in the rapidly growing Beatty
district in Southern Nevada more than
doubled to 8.4Moz (including the Corvus
Gold and Coeur Sterling acquisitions),
with the promise of more to come.
We continue to aim for a conclusion
to permitting next year and a start to
production in around 2025. At this stage
we see a multi-decade production base
with annual output climbing to 300,000oz
by the end of the decade, although we will
continue to calibrate those expectations
in light of the continued exploration
success. Costs will be significantly below
our current average.
In Colombia, where our high-grade,
long life Quebradona copper and gold
discovery remains one of the best of its
ESG
Most important was our safety
performance. The 41% improvement
in injury rates to a record low of 1.26
injuries per million hours worked
remains well below half the average
of our peers in the ICMM. That’s
thanks to a culture that values safety
above all, and a strategy that pairs
risk awareness with a clear set of
controls. We will keep working on our
Major Hazard Initiative, which seeks
to ensure that zero harm comes to
any of our 32,594 employees as they
follow our standardised procedures.
There is no higher priority for me that
ensuring that our people return home
safely after every shift.
Environmental, social and governance
criteria are fundamental to the way
we operate, manage risk and plan for
the future.
We continue to work on ensuring
we have a diverse cohort of senior
leaders, and an organisation at every
level which mirrors the societies
in which we work. We also worked
hard to produce a credible plan, with
specific projects, to further reduce
our carbon footprint, having already
reduced our GHG emissions by 67%
since 2007.
In October we set a target to reduce
absolute Scope 1 and 2 GHG
emissions by 30% by 2030 compared
to 2021 (See related Media release),
a crucial milestone in the journey to
net zero carbon emissions by 2050.
The first of these projects, to certify
our grid energy in Brazil as fully
renewable, is now complete while
the project to convert Geita’s energy
source from diesel generation to
cleaner grid power, is on track for
completion by the end of 2023. We
now have permits in place to install
renewable energy at Sunrise Dam, and
Tropicana will be close behind.
In an industry characterised by often expensive dealmaking
to fill project pipelines, our consistent ability to competitively
add ounces is an invaluable competitive advantage.
12.2Moz added to Mineral
Reserve in three years
in development, waste stripping and
brownfields exploration, to improve the
flexibility of our mines.
Total capital expenditure, excluding any
capital required at Cuiabá, is expected
to be between $960m and $1,070m; that
includes growth capital of $280m to
$310m.
Conclusion
I have been clear since joining AngloGold
Ashanti at the end of 2021, that
achieving a sustainable turnaround
of the Company and narrowing the
valuation gap with our peers, would take
two to three years. I remain firmly of that
view as we enter this transitional year
– one in which we will consolidate the
learnings from our full asset potential
rollout and execute on the opportunities
it identified.
We have excellent attributes; a world-
class team, a strong bench of skilled
and committed people, a world-class
portfolio chock-full of potential, and
a robust balance sheet to fund our
investments and weather market
volatility. We have a clear strategy and
full alignment between the Board and the
Executive team on how to deliver it.
Our priority now is to deliver on our
potential – and to do it safely. That is
where our focus lies.
kind in the industry, we continued the
environmental impact assessment work
required to resubmit the environmental
permit application for the project.
Outlook
Our guidance for 2023 is partly
impacted by the events at Cuiabá, where
geotechnical and engineering studies on
the Calcinados TSF will provide us with
a clearer idea of the time and capital
it will take to complete a buttressing
programme to raise its post-liquefaction
factor of safety to levels comparable
with the international standards currently
considered best practice – see related
Media release. In the meantime, the TSF
remains safe and stable with factors of
safety - in both a drained and undrained
state – which are fully compliant with
relevant Brazilian regulations.
While processing of Cuiabá’s concentrate
at the Queiroz plant is suspended
pending completion of that work, the
mine remains active and is expected to
produce gravity gold at around 5,000oz a
month, and ore in concentrate, at about
10,000oz a month. We are assessing
options on concentrate sales and will
take a decision based on best value.
Gold production for the rest of the
portfolio – excluding Cuiabá -- will show
modest growth at the midpoint of this
year’s guidance of 2.45Moz to 2.61Moz.
That increase in production will come
mainly from Obuasi as it continues its
ramp-up to full production. Total cash
costs for the portfolio (excluding Cuiabá)
are also expected to edge up by the
anticipated inflation rate for this year,
between $1,050/oz and $1,120/oz.
All-in sustaining costs are anticipated to
be between $1,405/oz and $1,450/oz,
as we continue our inward investments
Alberto Calderon
Chief Executive Officer
15 March 2023
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Executive management
Revitalising our culture, refreshing our values
Executive management
Alberto Calderon (63)
Chief Executive Officer
(CEO)
Gillian Doran (46)
Chief Financial Officer
(CFO)
Lisa Ali (55)
Chief People Officer
(CPO)
Stewart Bailey (49)
Chief Sustainability and
Corporate Affairs Officer
(CSCAO)
PhD, MPhil, MA, Juris Doctor, BA Fellow Member of Association
of Chartered Certified
Accountants (FCCA)
BSc Hons (Analytical Chemistry
and Biochemistry), Executive
MBA
Terry Briggs (50)
Chief Development Officer
(CDO)
BSc (Geology), Masters
(Engineering)
Ludwig Eybers (56)
Chief Operating Officer
(COO)
BSc (Mining Engineering), Post
graduate qualifications
Marcelo Godoy (51)
Chief Technology Officer
(CTO)
PhD (Strategic Mine Planning),
Masters (Geostatistics)
Lizelle Marwick (45)
Chief Legal Officer
(CLO)
BProc, LLB, LLM (Corporate Law)
Detailed CVs of the current Executive Committee are available on the corporate website, www.anglogoldashanti.com
Your voices,
Our values
Hand-in-hand with the implementation of our new operating
model, we have conducted work to better understand and
improve our organisational culture, and to update and refresh our
corporate values. These values are fundamental to the conduct
of our business, guiding how we behave, how we do our work,
and how we interact with our colleagues, our environment and
our neighbours.
Your voices, our values
At AngloGold Ashanti, we strive to be an inclusive and inspiring
organisation. To ensure these aspirations are embedded within
our organisational culture, it is important that we embrace and
embody values to which the entire organisation feels connected.
We initiated our culture transformation journey in late 2021,
through an organisation-wide conversation about the kind of
culture that would enable our employees to thrive and deliver
sustainable value to all stakeholders.
In the period leading up to that point, AngloGold Ashanti had
experienced significant leadership changes, endured the impact
of COVID-19, the sale of our last South African operation,
and more recently the review of our operating model and
organisational structure.
As an initial step to measure, understand and transform our
organisational culture, we invited each employee to participate
in the global culture survey to find out what we were doing well,
where we were falling short and, importantly, what we should be
doing better to build an inclusive and inspiring culture.
Throughout the process we worked hard to establish trust and
encourage open participation. Launching and embedding our
refreshed values marks the latest milestone of our journey.
Values are central to cultural change – both our personal values
and those reflected in our stated values – and to how we work
together and treat each other as individuals. Research supports
the importance of value alignment and its correlation with job
satisfaction and organisational commitment.
In 2022, we embarked on a process to revisit and re-launch our core
values. These values form the foundation of our improved culture
and will guide our behaviour in the way we interact with each other
and with our stakeholders. They will also inform the decisions we
make and how we behave, individually and as a business.
The process in short – how we arrived at our
new values
• We ran the Barret Culture Assessment survey globally and
analysed the outcomes for key insights into existing personal
values compared to desired culture values
• We took these insights to our executive and regional leadership
teams and used them as a basis for engagement and
understanding of local assessment results
• We applied learnings from the survey outcomes and various
stakeholder engagement sessions into key focus areas and
aligned the outcomes with our strategic human resource focus
• We grouped values themes according to personal values,
current values and those values associated with the desired
organisational culture
• We expanded our engagement to extensive listening circles
where we received actionable inputs from our team members
and further clarity on values focus areas
• We considered the impact of the Board as stewards and
supporters of leadership in the evolution of organisational
culture and considered Board-proposed values
We identified matches between personal, current and desired
values and resolved to keep, evolve and strengthen these as our
core values. Our refreshed values are therefore not a wholesale
change of our previous core values, but rather an evolution and
deepening of those values to make them relevant for our times.
We created an overarching brand for the revisited values that
speaks specifically to ongoing listening, and interpretation of what
we hear into a narrative that is meaningful to all of our people.
The refreshed values were initially launched to the Company’s senior
operational leadership by Alberto Calderon (CEO), with the support
of the executive team, on 22 February 2023. Regional leaders
were provided with toolkits with which to launch and embed these
values in each business unit and corporate centre. The values were
launched across the organisation during March, 2023.
From there, all regions will begin embedding and reinforcing the
values and their accompanying behaviours so they become the
norm. In doing so, we will respect nuances in their interpretation
and how they are expressed across our global sites.
S
E
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Safety
We put safety first, before anything else
Respect
We treat each other with human dignity and respect
Integrity
We are honest and true to what we commit to
Sustainability
We make a positive contribution towards an enduring world
Excellence
We focus on continuous improvement towards a high performing culture
Collaboration
We work together to build a great company
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Performance and delivery by strategic focus areas
Prioritise people, safety, health, environment and communities
Accounts for 24% of DSP performance award
In this segment:
Performance and delivery by strategic
focus area *
Prioritise people, safety, health and sustainability
Maintain financial flexibility
Optimise overhead, costs and capital expenditure
Improve portfolio quality
Maintain long--term optionality
Supporting our performance
Strategic trade-offs – impact on our capitals
Climate change disclosure
P61
P69
P71
P73
P75
P78
P82
Performance by region – Africa, Americas, Australia P85
Mineral Resource and Mineral Reserve – summary
P94
Exploration and planning for the future
P101
* Performance and delivery by
strategic focus area
In line with our strategy and related strategic focus
areas (see Our strategy – an overview), we report on
our performance for 2022 in line with our
long-term remuneration and reward incentive scheme,
the Deferred Share Plan (DSP). For a more detailed
discussion on our DSP, see Rewarding delivery.
This strategic focus area embodies our corporate ethos and
encompasses our sustainability performance. It underpins
our business strategy and the delivery of sustained,
long-term value creation and is aligned with our values
and responsibilities as a corporate citizen. This strategic
focus area covers our employees, their safety, health and
wellbeing, our host communities and the environment.
Also relevant in terms of this strategic focus area are our material
sustainability issues, which are explained in our . Here,
we indicate where these material sustainability issues apply as
well as related risks – for more information on our risks, see
Managing our risk and opportunities.
Below is a summary of our performance in terms of this strategic
focus area in relation to our DSP performance metrics. More
detail on this is provided in Rewarding delivery in this report and
in the , with additional performance data presented in our
<3S>, and the .
PEOPLE
Every company is only as good as the people who
work in it, and AngloGold Ashanti is no exception.
The contributions of the people associated with the
organisation are invaluable and the Company has a duty to
employees and community members whose health, safety
and security require safeguarding.
Through our overarching strategy, core values and
framework of policies and standards, we can provide
appropriate support for the people associated with the
organisation and help ensure the long-term sustainability
and viability of our business.
People – key metrics, related targets and performance 2022 (4% of DSP performance award)
Metrics
• Gender diversity
Aims, targets
• Female representation of between
21% and 25% – overall aim is 25%
female representation in senior
leadership
• 50% of recruits should be female
with 30% female representation
in talent and succession pool for
critical roles
Performance
• Overall female representation of 13%
(2021: 12%)
Status
g
• Key talent retention
• Annual staff retention of between
• Overall staff retention of 95.58%
Other related metrics monitored:
85% and 95%
Overall people aim:
• Number of people employed
• To have the right people and talent
• Productivity per employee (oz/TEC *)
• Training and development spend
• Strategic coverage of leadership
roles
* TEC: total employee costed
in the right positions who are
empowered to ensure delivery of our
strategic business objectives
Other:
• Employed an average of 32,594
people in total (2021: 30,561)
• Current female representation at
senior leadership level is 38%
• Female representation in middle
management and above is 19%
(2021: 17%)
• Group productivity per employee of
14.08oz/TEC (2021: 13.73oz/TEC)
• Training and development spend of
$8.94m (2021: $7.11m)
g
g
g
g
g
g
g Achieved g Progress still to be made
Related risk:
Related material sustainability issue:
Risk 10 — Failure to attract and retain critical skills and talent
• Increasing employee diversity, equity and inclusion
People management
A diverse culture that reflects both gender inclusivity and the
demographics of the countries in which we operate is central to
our people management strategy. Diversity, equity and inclusion,
together with comprehensive talent development, retention and
succession plans, are key in supporting the long-term viability of
our operations as well as our global competitiveness.
Talent and succession review
In 2022, we embedded the new Operating Model and the
annual talent and succession review allowed us to assess our
succession plans in this new structure. As well as making sure
we have the right people in the right roles we are now assessing
talent across the business, and in particular looking for those
who could work effectively across functions.
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Key, too, was assessing what positions are vital for the execution
of our strategy.
As part of the broader diversity, equity and inclusion focus, we
identified female and young high-potential talent. We recognised
successors through the talent and succession review, guided by
our blended learning approach. For more details, see .
• Instituting DE&I committees in every country and tracking
progress on a quarterly basis to give visibility to senior
management and the Board
We have also set a target of 25% female representation in senior
leadership by 2025. Related targets have also been set for
recruitment, talent management and succession planning. For
more information, please see .
Diversity, equity and inclusion
Diversity, equity and inclusion (DE&I) is a particular focus of our
people management team as we believe our efforts to be an
equitable employer will support business growth, with diverse
and inclusive workplaces winning the commitment of employees.
Respect for all ethnicities, genders, sexual orientations, cultures
and religious beliefs is at the core of our corporate culture and is
vital to ensuring an equitable workplace.
We comply with local legislation and Company-specific
DE&I policies and practices. We follow change management
practices to address assumptions and unconscious bias, and
performance incentives are structured to drive and support the
right behaviours.
Female leadership
We use gender diversity as the basis for assessment of global
diversity. It is the main diversity element across the countries in
which we operate, and it is the focus of our DE&I framework.
Several interventions, designed to improve our diversity
profile, include:
Global Diversity and Inclusion Framework
Our Global Diversity and Inclusion Framework, which was
launched in 2019, aligns Group objectives to foster the
empowerment of all staff, irrespective of race, gender, ethnicity,
religion and sexual orientation. It acts as a guide in the
application of diversity and inclusion principles across AngloGold
Ashanti operations. The Framework is supported by our Diversity
and Inclusion Policy, our Global Transformation Policy and our
Gender and Empowerment of Women Policy.
Our leadership team has set DE&I targets and clearly defined
priorities and actions for the next two to five years. To ensure
that DE&I objectives are embedded in all processes, leadership
teams are provided with implementation guidelines to assist in
the rollout of these priorities and are encouraged to identify and
manage barriers that may impede progress.
AngloGold Ashanti was listed in the Bloomberg Gender-
Equality Index (GEI) for a fourth consecutive year for 2023. The
GEI is a standardised reporting tool used globally to acquire
comprehensive workplace gender data from public companies
featured in Bloomberg’s ESG dataset. We aim to systematically
improve our diversity profile and are reviewing our guidelines and
actions. See .
• Talent mapping with a focus on female successors in technical
functions and countries where under-representation is more
pronounced
• Leveraging workforce movements to change the diversity
profile; accelerated development programmes
Values
Our 2020 culture survey which presented its results in 2022
provided the basis for the refreshing of AngloGold Ashanti’s values.
Delivery and roll-out of these values began in the first quarter of
2023. See Revitalising our culture, refreshing our values.
Safety and health
AngloGold Ashanti continually strives to achieve zero harm
across its operations. This, together with making sure the
well-being of our employees and wider mine communities is
assured, is a key tenet of what we do.
In 2022, we again sharpened our focus on safety at our
operations introducing refreshed safety standards and
working to protect the mental wellbeing of those who work
for us. Just as we address safety and health, we also factor in
security, in light of the rise in artisanal and small-scale mining,
which in some instances makes our operating environments
more complex.
Risk assessment is crucial when addressing these areas
and we proactively identify and mitigate potential risk while
our risk management and critical control modelling help us
measure and manage our impacts.
Safety and health – key metrics, related targets and performance 2022
Safety (8% of DSP performance award):
Metrics
Aims, targets
Performance
Status
• Total reportable injury frequency rate
• Continually improve safety
(TRIFR) *
performance
• Group TRIFR improved by 41% to
1.26 per million hours worked
(2021: 2.14 per million hours worked)
• Major hazard control compliance
• 95% to 99.5% critical control
• Achieved compliance of 99.3%
compliance
Other key safety metrics monitored:
Overall safety aim:
Other:
• Number of fatalities
• Zero harm – no fatalities, no injuries
• No fatalities at Company-operated
* From 2022, the TRIFR replaced the all-injury
frequency rate as the metric used to monitor
safety performance
Health (2.5% of DSP performance award):
mines
Metrics
Aims, targets
Performance
• Reduction in workforce exposed to
high respirable crystalline silica dust
• To achieve 13% reduction in high-risk,
• Achieved 21% reduction in
exposed population
workforce exposure
Other key health metrics monitored:
• All occupational disease frequency
Overall health aim:
• Reduction in occupational health
rate
hazards and risk
• Compliance with operational
• Promotion of physical and mental
occupational exposure (noise and
dust) monitoring programmes
well-being
• Preparedness and control of
infectious disease outbreaks and risk
• To increase vaccine coverage and to
reduce number of severe forms of
COVID-related disease and death
Other:
• 51% reduction in the occupational
disease frequency rate to 0.04 per
million hours worked
• COVID-19 vaccination coverage
is 92% for employees and 78% for
contractors – 84% overall
g
g
g
g
g
g
g Achieved g Progress still to be made
Related risks:
Related material sustainability issue:
Risk 5 — Failure to meet our operational and safety targets
• Ensuring the health, safety and security of employees and
Risk 9 — Inability to meet expectations on responsible mining
(ESG performance)
communities
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Prioritise people, safety, health, environment and communities
Accounts for 24% of DSP performance award continued
Safety strategy
As we work to achieve zero harm, consistently recording no
fatalities at Company-operated mines, we constantly revisit
our safety strategy to find areas for improvement. Our ability to
operate as a safe and responsible mining company depends
on all our actions and the best way to ensure the message
is absorbed is by leadership and line managers taking full
accountability for the process.
Refreshed major hazards standards
In terms of the Major Hazard Control Standard, managers are
responsible for systemic critical control verification, inspections
and coaching of operational verifications, as well as the
monitoring of critical control compliance.
Line supervisors are responsible for operational critical
control verification and operators are responsible for actual
implementation of critical controls.
The newly refreshed Major Hazard Management Process was
launched in June 2022 to rapidly reduce risk in order to save
lives. To do this, supervisors and employees must ensure critical
controls remain in place and if not, any employee has the ability
— and the duty - to STOP work.
The new process is focused on simplification, visualisation and
promoting understanding at all levels within AngloGold Ashanti.
We reduced the number of major hazards, from 18 in 2021 to
10 in 2022, ensuring that priority major hazards receive priority
attention.
To support supervisors during the rollout, a suite of documents
was developed to remove ambiguity and provide tools for
effective workplace communication on key major hazard topics.
A dedicated toolkit explains the purpose and application of each
of the documents in the suite.
Critical controls
Critical controls must always be in place and if they are found to be
missing this must be addressed as a priority. We plan to introduce
a qualitative measurement for compliance using critical control
verifications. This will be introduced at a supervisor level where
every supervisor will have clearly defined, safety-related KPI.
To learn from and minimise high-potential incidents (HPIs), a
review committee was established to study selected HPIs and
determine the adequacy of implemented controls and identify
actions that can be implemented Group-wide to prevent similar
occurrences.
Certification
All contractors are trained in AngloGold Ashanti’s safety practices
and all operating entities are ISO 45001:2018 certified.
Our priorities in 2023 will include introduction of the remaining
iSIMS modules to enable full system functionality. The iSIMS
system is in use in several areas across the business, allowing
for the efficient and transparent recording of incidents and
actions.
Systemic verifications will be rolled out in 2023 through iSIMS, as
well as continual self-assessment and bow-tie risk modules.
Employee health and hygiene
New health management standard
We finalised a new health and management standard in the year
that aligns with the four guiding pillars used to address health
risks. The four pillars are: leadership and people; work processes;
risk management; and technology and innovation.
The standard addresses requirements for occupational as well as
non-occupational health and hygiene programmes. It is premised
on the need to understand baseline and on-going community
health risks while ensuring adequate medical emergency
preparedness and response for all sites.
Our risk management platform focuses on 10 major occupational
and non-occupational hazard categories. Included in the
platform is work to improve oversight of our contractors’
medical surveillance, as well as to manage the emergence of
musculoskeletal (ergonomic) disorders.
At the same time, we continue to focus on infectious disease
outbreaks, and the lack of adequate occupational hygiene
skills and chemical analysis capacity, especially at our African
operations since they rely on overseas service providers.
Occupational hygiene
Prevention lies at the centre of our health strategy. We monitor
major health hazards and have critical controls aimed at reducing
exposure to crystalline silica dust.
We are seeing encouraging reductions in measured exposures to
some of our priority health hazards like dust, following concerted
and systematic efforts to implement critical controls to reduce
health exposures. While performance varies among operations, we
have recorded significant reductions in the number of people still
exposed to silica levels above allowed occupational exposure limits.
Other identified major health hazards include additional airborne
pollutants (diesel particulate matter and welding fumes), noise,
mental well-being, infectious diseases, ergonomics and chemical
exposure.
Mental health
We are developing our metal health programmes and have
strengthened the related governance framework to provide an
outline of systematic requirements to deliver preventive and
curative services for mental wellbeing.
COVID-19 and other infectious diseases
Our COVID-19 crisis preparedness and response plan remains
in place and we continue to educate on this and other emerging
infectious disease epidemics, such as Marburg, Ebola and Mpox.
This work aligns with our public health strategy, and our
operations in Africa continue to implement malaria control
programmes to manage this endemic risk. In the year, a
total of 2,151 new malaria cases were reported in the region,
representing an incident rate of 12% for our Africa region’s
workforce. See .
We are also planning an in-person review of the safety strategy
items that will be led by operational safety leads, selected senior
management and technical discipline leads. The outcome of this
review will be the focus of the 2024-2026 safety strategy.
As we focus on reducing exposure to silica dust and mental
wellbeing in 2023, sites will roll out organisational mental
wellbeing surveys, which will inform our health strategy and
procedures on how to address this.
Environment
Management of the environment
AngloGold Ashanti works to minimise any impact on the environment caused by its operations. In assessing environmental risk,
we address the issues of air pollution, land use, biodiversity and water and tailings management.
We have environmental policies, supported by a set of environmental management standards in place that address the multitude
of factors that impact our sites globally.
Our environmental management work extends well beyond the issues identified in this report of climate and energy, water, and
tailings. Key data on the management of materials, hazardous waste, biodiversity and acid rock drainage is provided in our
.
Environment – key metrics, related targets and performance 2022 (7.5% of DSP performance award)
Metrics
Aims, targets
Performance
Status
• Greenhouse gas emissions
management
• Achieve between 95% and 110% of
budgeted carbon emission intensity
• Finalised and published our
decarbonisation strategy – roadmap
to net zero
Other related metrics monitored:
Overall aims:
Other:
• Number of reportable environmental
• A reduction of 30% in our absolute
incidents
• Area of land rehabilitated and value
of related rehabilitation liabilities
• Energy use and related intensity
• GHG emissions and related intensity
• Water withdrawal, water re-use and
related intensity
• Water discharge and quality
• Volume of tailings deposited and
waste management
Scope 1 and 2 carbon (GHG)
emissions by 2030 (2021 baseline)
to around 1Mt CO2e
(2021: 1.4Mt CO2e).
• Net zero Scope 1 and 2 GHG
emissions by 2050
• Comply with the Global Industry
Standard on Tailings Management
(GISTM) by August 2025
• Minimise new water withdrawals,
maximise water reuse where
possible and prevent contamination
of water resources
g Achieved g Progress still to be made
• Scope 1 and 2 GHG emissions of
1.475Mt CO2e – up 7% on 2021
• Scope 1 and 2 emissions intensity
remained unchanged at 31kg CO2e/t
treated
• Three reportable environmental
incidents
• Water intensity higher at 0.79kL/t
treated (2021:0.75KL/t treated)
g
g
g
g
g
Related risks:
Related material sustainability issues:
Risk 3 — Adverse future implications of event risks
• Pathway to net zero and climate change resilience
Risk 7 — Loss of/threats to social licence to operate
• Managing water as a finite and at-risk resource
Risk 9 — Inability to meet expectations on responsible mining
(ESG performance)
• Ensuring the safety and integrity of our tailings storage facilities
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Managing our energy and climate
change impacts
We are well aware of the substantial risk posed by climate
change. In 2022, we set a target to achieve net zero Scope 1 and
2 GHG emissions by 2050. We have a Climate Change Strategy
that will guide us on the journey to achieving net zero Scope 1
and Scope 2 GHG emissions and have set an intermediate target
to reduce our absolute Scope 1 and 2 GHG emissions by 30% by
2030 as compared to 2021.
Our Climate Change Strategy supports our journey to net zero
and will help us manage the impacts of a changing climate.
Interventions will be made both at our sites and through the use
of external power providers. We also aim to set Scope 3 GHG
emission reduction targets in partnership with suppliers.
Initiatives to reduce GHG emissions will see us use cleaner grid
power. We are completing a switch from diesel generated power
at Geita in Tanzania to the country’s national power grid, which
has a high proportion of power generated by gas and renewables.
In Brazil, we will be certifying that the power drawn from the grid
is fully renewable.
At an operational level, we will be introducing more renewable
energy. Approximately 60% of the planned GHG emissions
reductions will come from large renewable energy projects,
including wind and solar initiatives at our Australian operations
and solar-power plants at Siguiri in Guinea and the Iduapriem and
Obuasi operations in Ghana.
Plans are also underway to partially electrify our fleet. In 2023,
we will work with Sandvik to trial underground mining’s largest-
capacity battery electric truck at Sunrise Dam in Australia.
The anticipated cost to achieve these reductions by 2030 is
around $1.1 billion, of which $350m will be funded by AngloGold
Ashanti. The balance will be financed by third parties, including
the providers of renewable energy infrastructure.
Managing and conserving water
We aim to use water in a responsibility manner and engage
with stakeholders to develop systematic approaches to water
stewardship.
We follow our water management standard mandates that
commit us to:
• provide information about potential and actual water quality
impacts
• optimise water use and maximise the reuse of water
• assess and manage any risks and avoid any negative impacts
resulting from our water usage
• set targets for minimising new water withdrawals from the
ground and surface water bodies
• prevent contamination of water resources
During 2022, we implemented several water-related initiatives.
See .
Tailings management
We are moving towards compliance with the Global Industry
Standard on Tailings Management (GISTM). And in line with our
commitment to this, and through our membership of the ICMM,
we aim to have implemented the standard at all our facilities by
August 2025.
Engineers of record have been appointed at all operations
and independent tailings review board inspections have been
conducted at our operations in Africa and Australia. Bi-annual
geotechnical stability and emergency plan certification by
external consultants are a regulatory requirement for our
Brazilian tailings storage facilities (TSFs) and we will formally
appoint independent review boards for the Brazil and Argentina
operations in 2023.
In Brazil, our conventional TSFs have transitioned to filtered
tailings deposition and we have introduced new filtered tailings
stacking areas. Operations at five TSFs in Brazil have been
suspended as we work to obtain the necessary geotechnical
stability or emergency plan certifications and prepare for
additional buttressing work at the Calcinados TSF to align its
post-liquefaction factor to international standards currently
considered best practice.
In Ghana, the construction of the Beposo TSF at Iduapriem is on
track for commissioning in 2023.
We are developing a Company-wide TSF monitoring portal and
have successfully initiated the use of interferometric synthetic
aperture radar (INSA) satellite technology for TSF displacement
monitoring. The use of drones for survey and imaging is being
implemented across all our operations.
For more on TSF management, see Regional performance –
Americas in this report and the .
Integrated closure management
Our approach to integrated closure management is guided by our
closure planning standard, which sets out how we identify and
manage current and future risks and the liabilities associated
with mine closure.
The aim is to leave the areas in a safe and stable condition, with
minimal adverse impacts on people and the environment. This is
achieved through multi-stakeholder engagement and executed
in line with our closure planning standard. This is being updated
to align with the ICMM’s Integrated Mine Closure Good Practice
Guide 2019 and will also consider learnings from our experience
since the approval of the current standard in 2013.
In 2022, we started using the ICMM Closure Maturity Framework
for continuous improvement in mine closure planning throughout
the life cycle of our assets. All operations have mine closure
plans that comply with all applicable laws, regulations and
requirements. In Australia, both Tropicana and Sunrise Dam
submitted updated mine closure plans to the regulators in 2022
as did Iduapriem in Ghana.
We undertake quarterly reviews and updates of our mine closure
liability estimates to comply with legislative changes and align
with business and closure plans, facility designs and unit rates
for implementation activities. As of 31 December 2022, the
consolidated Group environmental liability estimate totalled
$578m (2021: $673m).
COMMUNITIES
Supporting self-sustaining communities
AngloGold Ashanti’s values and its commitment to environmental, social and governance standards and the broader context of
sustainability sees it working with all stakeholders on projects and initiatives in the areas of education, business development,
health and infrastructure as it aims to help build sustainable futures for the communities in which it operates.
These environments are frequently complex and culturally diverse. They require our teams to work closely with all stakeholders at
national, regional and local levels to deliver projects that will have meaningful impacts in these communities.
This work helps to ensure we maintain our social licence to operate and involves addressing a number of challenges that require
constant engagement, transparent policies and adherence to set guidelines and grievance resolution.
The work is guided by our Social Performance Management Framework and, in 2022, we started to review and update our
assessment of social risks across the Group, resulting in an improved understanding of our major social risks.
Communities – key metrics, related targets and performance 2022 (2% of DSP performance award)
Metrics
• Number of business disruptions
caused by community unrest
Aims, targets
• At most, two significant community-
Performance
• One business disruption resulting
related business disruptions annually
from community unrest at Siguiri in
Guinea
Other related metrics monitored:
Overall aim:
Other:
• Community investment
• Win trust of communities and
• Two self-reported human rights
• Number of community complaints
• Number of human rights violations
violations
• Human Rights Report released in
2022
stakeholders, equitably sharing
value created and supporting host
communities
• Work with communities and
governments to deliver initiatives
that will add sustainable economic
value to communities
• Collaborate with governments on the
formalisation of artisanal and small-
scale mining (ASM)
g Achieved g Progress still to be made
Related risks:
Related material sustainability issues:
Risk 7 — Loss of/threats to social licence to operate
• Supporting self-sustaining communities
Risk 9 — Inability to meet expectations on responsible mining
• Respecting and upholding human rights
(ESG performance)
• Addressing artisanal and small-scale mining
Status
g
g
g
Addressing grievances
Implementation of community grievance mechanisms is guided
by our Management Standard on Complaints and Grievances
and Community Incident Management, which are aligned with
the International Finance Corporation’s (IFC’s) performance
standards and the United Nation’s guiding principles on business
and human rights (UNGPs).
It is through these mechanisms that grievances are received
and resolved. Most complaints in 2022 related to mining impacts
on communities, such as structural impacts resulting from mine
blasting activities and dust generated from our operations.
These impacts are continuously being reduced, alleviated,
and prevented.
Complaints and grievances are managed on iSIMS, the platform
that provides transparency when recording, investigating and
mitigating impacts, as well as when reporting and resolving
complaints. We aim to resolve all complaints and grievance
within 30 days. See .
Responsible land access and resettlement
Our Land Access and Resettlement Standard, which is aligned
with the IFC’s Performance Standard 5, provides the basis for our
approach to resettlement.
We ensure all land acquisition processes comply with applicable
laws, regulations and international standard practice as
stipulated by this standard, which aims to avoid resettlement
whenever possible.
Our management standard requires Resettlement Action Plans
(RAPs) and/or Livelihood Restoration Plans (LRP) be developed
with the involvement of community and relevant stakeholders.
The RAP and LRP are key in identifying and mitigating
potential physical displacement and economic impacts before
resettlements are undertaken.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Prioritise people, safety, health, environment and communities
Accounts for 24% of DSP performance award continued
Maintain financial flexibility
Accounts for 35% of DSP performance award
Our Cultural Heritage and Sacred Sites Standard, indigenous
peoples’ standard, and Human Rights Standard guide us
in identifying, respecting, protecting, and preventing the
unauthorised or undesired disturbance of cultural heritage assets
by our business activities. These Standards were designed to
facilitate partnership with our local communities, including
indigenous communities.
The regulatory frameworks and laws in those counties where we
operate further govern our actions and responsibilities.
Socio-economic contributions
All sites have socio-economic development plans, as required
by our Socio-Economic Contribution Standard, through which we
continue to engage with stakeholders on the implementation of
our socio-economic development plans.
In 2022, $18m (2021: $18m) was invested in community
projects in the areas of education, social infrastructure, income
generation initiatives and health. See Value by stakeholder in
this report and the discussion on community investment focus
areas in the .
We continue to strengthen our community relations practices to
minimise our negative mining impacts, to better understand our
communities and their needs, and to share the value of gold in a
meaningful and impactful way.
In 2023, we plan to: update our community management
standards to further guide our community relations
processes; strengthen existing income generating projects to
encourage alternative industries and enhance the resilience
of our communities; measure the impact of socio-economic
development programmes to inform future investments; improve
the time to resolve complaints and grievances; further explore
ASM formalisation strategies in support of host government
initiatives; and conduct additional stakeholder engagement and
perception surveys.
Human rights
AngloGold Ashanti embraces respect for human rights and we
have a duty to uphold these. See .
Our human rights commitments are aligned with international
human rights standards, including the Universal Declaration
of Human Rights, International Covenant on Civil and Political
Rights, International Covenant on Economic, Social and Cultural
Rights and the International Labour Organization’s standards.
Our material human rights issues include: considering
environmental impacts including access to clean water;
avoiding damage as far as possible to the right to livelihoods,
including those historically reliant on artisanal mining;
operating with respect for human rights in post-conflict and
weak governance zones; ensuring respect for human rights
in deployment of security forces; considering society’s most
marginalised individuals and groups; embedding the human
rights due diligence process across the Company; promoting
external partnerships; respecting the resources, values,
traditions and cultures of local and indigenous communities
and supporting access to land.
Our approach is primarily informed by the UN Guiding Principles on
Business and Human rights (UNGPs), the current leading standard.
The UNGP’s framework to protect, respect and remedy places the
responsibility of monitoring, upholding and managing our human
rights impacts as a business, no matter where we operate.
AngloGold Ashanti’s Human Rights Governance Framework and
a Human Rights Policy Statement is aligned with the UNGPs. We
also have a responsibility, where practically possible, to leverage
our position and influence to ensure state actors also protect
human rights. To deliver on this responsibility, we are committed
to engaging on related issues with the relevant stakeholders
across all our operating jurisdictions.
We align with the ICMM position statement on indigenous peoples
and the IFC’s Performance Standard 7 on Indigenous Peoples
and we respect the values, traditions, and cultures of local and
indigenous communities in the regions where we operate.
Artisanal and small-scale mining
Artisanal and small-scale mining (ASM) continues to grow – it
has complex geopolitical, socioeconomic, environmental and
governance aspects, all of which need tackling in the search for a
long-term solution.
The World Bank estimates that ASM occurs in about 80 countries
worldwide and that there are more than 100 million artisanal
miners globally. These informal operations are an important
means of income for often impoverished populations.
In many areas, the ASM sector is informal and exits outside of
legal frameworks. The activity is a material sustainability risk for
AngloGold Ashanti, and our primary concerns are that it leads to
the loss of gold-bearing ore, environmental degradation, the use
of dangerous chemicals and potential human rights violations
against vulnerable groups.
We advocate a multi-stakeholder approach to addressing this
material sustainability risk, working with governments and taking
a lead role in partnership with artisanal miners, major mining
groups, NGOs and development agencies.
We have in place an ASM Framework and Management Standard
that encourage the co-existence of our operations with legal
ASM. This framework and standard seek to ensure the safety and
security of our employees, assets and tenements.
Guided by the ICMM and the Intergovernmental Forum on
Mining, Minerals, Metals and Sustainable Development,
AngloGold Ashanti believes that a sustainable ASM industry can
be established by building capacity through local institutional
partnerships, encouraging miners to form co-operatives and
associations, encouraging larger mining companies to support
capacity building, and by improving ASM access to efficient and
cleaner technologies.
To review the over overarching principles of our approach to
ASM, see the .
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We must ensure our balance sheet always remains able to
meet our core funding needs
• Maintain a solid balance sheet, giving us strategic flexibility
through the cycle
AngloGold Ashanti is committed to maximising long-term
shareholder value and returns and so must ensure that our
balance sheet remains able to meet our core funding needs. We
achieve this by applying a clear Capital Allocation Framework.
The framework prioritises investment in our asset base, to
support the health and sustainability of the business. The
sustaining free cash flow that comes as a result is earmarked to:
• Return cash to shareholders through our defined dividend pay-
out ratio focused on dividend returns based on free cash flow
before growth capital expenditure
• Self-fund growth capital expenditure, with a disciplined focus
on risk-adjusted returns
We ensure sufficient flexibility at all times to reinvest
continuously in our asset base and so supporting the long-term
sustainability of our business. Maintaining a strong balance
sheet remains important in the current operating environment
in which global economic volatility, rising interest rates and high
inflation present added complexity and risk to the mining industry
in general, and more so, for a single commodity producer such as
AngloGold Ashanti, for which no true pricing power exists.
While our ability to generate free cash flow improves markedly
as the gold price increases, we nonetheless maintain our focus
on ensuring a strong balance sheet through all stages of the
commodity cycle.
Disciplined, shareholder-focused capital allocation
Transparent allocation hierarchy to maximise long-term shareholder value and returns
Operating and capital productivity
Net operating cash flow
• Reinvesting in our asset base to support the
long-term sustainability of our business
• Commitment to cash returns to shareholders
• Solid balance sheet underpins flexibility and
optionality through the cycle
Sustaining capital, prioritising Mineral Reserve growth
• Growth focused on risk-adjusted returns
Sustaining free cash flow
Strong balance sheet
(1.0x adjusted net debt to adjusted EBITDA ratio through the cycle)
Dividends
(20% of free cash flow pre-growth capital)
Growth capital
(Targeting a return in excess of our hurdle rate)
Excess cash flow
Further debt reduction
Additional dividends
should capacity exist
Growth
• Allocation of cash tested against
shareholder returns
One measure of the success of our capital
allocation strategy is our ability to generate
sustainable free cash flow through the cycle,
as well as total shareholder returns. Other
metrics monitored include: adjusted net debt
to adjusted EBITDA ratio (as defined in the
Revolving Credit Agreements); and cash and
cash equivalents.
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Maintain financial flexibility
Accounts for 35% of DSP performance award continued
Optimise overhead, costs and capital expenditure
Accounts for 15% of DSP performance award
Key metrics and related targets 2022
Metrics
Aims, targets
Performance
Status
• Relative total shareholder return
• Improve shareholder returns relative
(TSR)
to comparator group
• 13% shareholder return, not meeting
threshold measure in 2022
• Absolute TSR
• Improve absolute shareholder
• 13% shareholder return, exceeding
returns with reference to the US cost
of equity
the stretch measure
• Normalised cash return on equity
(nCROE)
• Improve free cash flow generation
relative to shareholders’ equity and
the US cost of equity, on a three-year
trailing basis
• 24.4% nCROE, exceeding stretch
measure
g
g
g
g Achieved g Progress still to be made
Related risks:
Risk 1 — Adverse regulatory changes to mining rights and fiscal requirements
Risk 2 — Failure to successfully deliver and ramp up growth projects
Risk 3 — Adverse future implications of event risks
Risk 4 — Inability to convert Mineral Resource and Mineral Reserve
Risk 6 — Failure to move down the industry cost curve – all-in sustaining cost competitiveness
Risk 7 — Loss of or threats to the social licence to operate
Risk 8 — Adverse gold and commodity prices, and currency movements
Risk 9 — Inability to meet investor expectations on responsible mining
Performance outcomes
• The relative and absolute TSRs are based on a three-year
trailing average using the average share price achieved in
2019 as the base and comparing it to the average share price
achieved in 2022. The average share price in 2019 ($16.74/
share) grew by 13% over this period, inclusive of dividends
paid ($1.09/share) from January 2020 through to the end of
December 2022
• Absolute TSR growth exceeded 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
49.05% at 31 December 2022
• A three-year trailing average nCROE of 24.4% was achieved
on the back of strong free cash flow generation over the
same period, notwithstanding an annualised increase in
shareholders’ equity of 3%
• Improved balance sheet flexibility was achieved with the new
five-year multi-currency revolving credit facility maturing in
June 2027, with two one-year extensions on application, with a
syndicate of 13 banks
• The adjusted net debt to adjusted EBITDA ratio ended the year
at 0.49 times, some 51% below our target of 1 times, through
the cycle
• Liquidity remains strong, providing good financial flexibility with
$1.1bn of cash and cash equivalents and overall Group liquidity
at approximately $2.5bn as at 31 December 2022
• A total dividend for the year of ~47 US cents was declared,
based on the dividend pay-out ratio under the policy of 20% of
free cash flow before growth capital expenditure
• Credit ratings remained unchanged at investment grade
from Moody’s (Baa3, stable outlook) and Fitch (BBB-, stable
outlook changing to negative outlook). The Standard & Poor’s
rating remained one notch below investment grade (BB+,
stable outlook).
For further detail on our performance in relation to this
strategic pillar, see the CFO’s report and outlook and the
.
All spending decisions must be thoroughly scrutinised to ensure they are optimally structured and necessary to fulfil our core
business objective
The Group’s cost performance in 2022 reflects the continued reinvestment across our portfolio, notably at the Obuasi, Iduapriem, Geita
and Tropicana operations as well as the acquisition of mining properties in North America. It also reflects significant investment in TSF
compliance in Brazil.
Our overall focus remains on improving our operational performance, continued cost discipline and execution of the Full Potential (FP)
Programme that was introduced in 2022. Execution of this programme will continue in 2023.
Key metrics and related targets 2022
Metrics
Aims, targets
Performance
Status
• Production
• Improve cash flow and reduce costs, with
• 2.742Moz for 2022, meeting the target
target measure set at 2.734Moz per annum
measure
• Total cash cost
• Improve cash flows and reduce costs, with
• $1,024/oz for 2022, less than 1% above
target measure of $963/oz
annual guidance and above the threshold
measure
• All-in sustaining costs
• Improve cash flows and reduce costs, with
• $1,383/oz for 2022, slightly above target
target measure of $1,355/oz
measure, but well within the guidance range
of $1,295/oz to $1,425/oz
g
g
g
g Achieved g Progress still to be made
Related risks:
Risk 3 — Adverse future implications of event risks
Risk 5 — Failure to meet operational and safety targets
Risk 6 — Failure to move down the industry cost curve – all-in sustaining cost competitiveness
Risk 7 — Loss of or threats to social licence to operate
Risk 8 — Adverse gold and commodity prices, and currency movements
Risk 9 — Inability to meet investor expectations on responsible mining
Risk 10 — Failure to attract and retain critical skills
Key metrics monitored are:
Capital expenditure by region
1%
18%
%
52%
29%
(cid:31) Africa (cid:31) Americas (cid:31) Australia (cid:31) Projects
All-in sustaining costs
($/oz)
1500
1200
900
600
300
0
1,355
1,383
942
980 (2)
1,047 (2)
2018
2019
2020
2021
2022
(cid:31) Continuing operations
Total capital expenditure 2022: $1.1bn(1)
(1) Includes joint ventures
(2) Restated for IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use”, effective 1 January 2022
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Optimise overhead, costs and capital expenditure
Accounts for 15% of DSP performance award continued
Improve portfolio quality
Accounts for 15% of DSP performance
Performance outcomes
• While total cash costs per ounce increased overall by 6% in 2022, inflationary pressures alone contributed to a 12% increase.
Excluding the impact of inflationary pressures, cash costs in real terms declined by 6%
• Open pit grades were 5% higher year-on-year, with Iduapriem and Serra Grande contributing the most. Recovered grades from
underground were 10% higher year-on-year, with grade improvements at Obuasi, Sunrise Dam and Cerro Vanguardia more than
offsetting lower grades at Kibali
• The re-investment in our sites continues to progress with the aim of extending mine life and improving flexibility, which
remain key priorities
• Sustaining capital remained in line with 2021 ($779m in 2022 vs $778m in 2021)
• All-in sustaining costs were $1,383/oz, up 2% year-on-year, notwithstanding global inflationary pressures and consequent increases
in total cash cost of 6%
For further detail on our performance in relation to this strategic pillar, see the CFO’s report and outlook and the .
AngloGold Ashanti builds on its portfolio quality through projects such as our Full Potential Programme which aims to ensure
optimal mine performance. We are flexible in delivering on our mine plans, allowing for the best results and we progress our
projects and replace our production and more, with a growing Mineral Reserve and Mineral Resource base.
Key metrics, related targets and performance 2022
Remuneration metrics
Aims, targets
Performance
Status
• Production
• Annual production of between 2.7Moz
• Produced 2.7Moz versus 2.5Moz in 2021
and 2.9Moz
Other related metrics
monitored:
• Recovered grade
Overall portfolio aims are to:
• Improve confidence in our orebodies
• 12.2Moz added to Mineral Reserve, pre-
depletion over the past three years
• Increase quality of our Mineral Reserve
• Mineral Reserve has grown 26% over the
• Operating life
base
last six years
g
g
g
• Improve operating flexibility
• Investment in Mineral
Reserve development
• Metres developed
• Waste stripping
g Achieved g Progress still to be made
Related risks:
Risk 2 — Failure to successfully deliver and ramp up growth projects
Risk 4 — Inability to covert Mineral Resource to Mineral Reserve
Risk 6 — Failure to move down the industry cost curve – all-in sustaining cost competitiveness
Risk 7 — Loss of or threat to social licence to operate
Risk 8 — Adverse gold and commodity price, and currency movements
Risk 9 — Inability to meet investor expectations on responsible mining (ESG performance)
Performance
Our operational performance improved in the year, all the more
noteworthy, as it was achieved in a high-inflationary environment
which impacted the prices of key commodities, including oil and
ammonia-related products, such as explosives. Supply chains
also experienced disruptions related to factors impacted by,
among other things, the war in Ukraine and the lingering effects
of the COVID-19 pandemic.
The business worked proactively to mitigate the impact of
inflation through the continued integration of the new Operating
Model, the existing Operational Excellence programme, and the
Full Potential (FP) Programme launched during 2022.
Despite significant volatility in the macro environment, total cash
costs increased by 6% year-on-year from $963/oz in 2021 to
$1,024/oz in 2022. Production of 2.742Moz came in at the upper
half of guidance and represented an 11% increase in production
over 2021, underpinned by solid performances across most of
the portfolio. In our Africa region, Obuasi met targeted production
of 250,000oz as it continues to ramp up to its full production
run-rate in excess of 400,000oz, which is expected by the end of
2024. See Regional performance – Africa.
AngloGold Ashanti embarked on a multi-year initiative at the
beginning of 2020 to increase investment in Mineral Reserve
development and brownfields exploration across our portfolio.
Three years into this initiative, a major benefit has been improving
grade profile which has been a key driver of the overall increase
in production. Recovered grades in 2022 were 10% higher on
average versus those of 2021, with those in the fourth quarter of
2022 17% higher than in the first quarter of 2022. See Maintain
long-term optionality.
We continue to allocate capital to this important exploration
and development programme, in addition to increased capital
expenditure on tailings storage facilities (TSF) (mainly in Brazil to
comply with new legal requirements). Brazil TSF conversions to
dry stacking saw us invest $13m in Q4 2022 and we have spent
$221m over the last two years on this important piece of work.
See Regional performance – Americas.
Total production: 2.742Moz (1)
(1) Includes joint ventures
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Accounts for 15% of DSP performance continued
Full Potential Programme
Our FP initiative aims to achieve a step-change in AngloGold
Ashanti’s operating performance and cost competitiveness by
2024. It involves a comprehensive three-month assessment
of each of our operating mine sites, aiming to build on our
understanding of the relative potential of each asset.
The initial three-month assessment covers mine design and all
key operating parameters to identify any gaps between current
and potential performance. It includes developing a plan and
implementation schedule that prioritise key improvement
initiatives in mine planning and strategy, mine productivity and
metallurgical recovery to be implemented to achieve the targeted
performance over the next six to 24 months.
These assessments have been completed at six operations – at
Sunrise Dam and Tropicana in Australia, at Siguiri in Guinea and
Geita in Tanzania, and at AGA Mineração, which includes the
Cuiabá and Córrego do Sítio complexes, and Serra Grande, both
in Brazil.
The FP at Sunrise Dam in Australia was completed first. The
biggest opportunity identified was to increase productivity
in development and achieve a step-change in underground
production. The Sunrise Dam leadership team has made good
progress and has consistently achieved rates of over 1,100m per
month since July 2022.
This target has been increased to 1,200m per month for 2023,
and Sunrise Dam is starting to see higher ore production at
ca.200,000 tonnes per month. Another key initiative is increasing
plant metallurgical recovery rates through optimised cyanide and
reagent usage and better leaching efficiency.
The second site to complete an assessment was Siguiri, in
Guinea, where the leadership team’s focus was mainly on
increasing the volume of high-grade oxide ore from Block 2. This
increase was successful and is partially reflected in the year-on-
year increase in production.
The assessments continued during the second half of 2022,
and Cuiabá, Tropicana, Serra Grande and Geita all completed
assessments to identify performance improvement initiatives.
Initiatives include:
• Increasing development rates across underground operations
to promote mining flexibility and greater ore volumes
• Increasing open pit output through better maintenance
practices, improving drill productivity to maximise penetration
rates, improving truck productivity by reducing off-circuit
travel through in-pit refuelling and enforcing the use of in-circuit
crib facilities
• Increasing throughput in processing plants by improving
availability, and increasing metallurgical recoveries by
optimising leaching circuits
• Reducing pricing of goods through competitive tendering as
commodity prices drop
The leadership teams have identified 185 opportunities across
the six operations that have completed the FP, all with clear
implementation plans and timelines for delivery.
FP assessments will be conducted at Cerro Vanguardia in
Argentina in the second quarter of 2023, with those at Obuasi
and Iduapriem in Ghana scheduled for the second half of the
year. The FP initiative will be completed by the end of 2023.
Maintain long-term optionality
Accounts for 11% of DSP performance award
Focused and responsible management of our Mineral Resource and Mineral Reserve, our exploration programme and
related planning is vital in optimising the operating lives of our portfolio. Through continued exploration and the acquisition
of properties that are a good fit with our business, offering Mineral Reserve potential, we add to the long-term sustainability of
AngloGold Ashanti.
Key metrics, related targets and performance 2022 (11% of DSP performance award)
Metrics
• Mineral Reserve additions *
Aims, targets
• Additions of between 1.6Moz
Performance
• 3.5Moz added to the Mineral Reserve
and 4.8Moz
pre-depletion
• Mineral Resource additions *
• Additions of between 4.2Moz and
• 6.2Moz added to Mineral Resource
12.5Moz
pre-depletion
Other:
Other related metrics monitored:
• Proportion of total Mineral
Reserve added in each category
Status
g
g
g
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• Acquired Corvus Gold and Coeur Sterling and
its assets in the Beatty district of Nevada in the
United States
• At 31 December 2022, the Mineral Resource
for our Nevada (Beatty) assets was as follows:
North Bullfrog 1.5Moz, Silicon 4.2Moz, Mother
Lode 1.7Moz and Sterling 0.9Moz
* Pre-depletion, asset sales, and mergers
and acquisitions
g Achieved g Progress still to be made
Contribution to total production by region
Related risks:
19%
%
21%
(cid:31) Africa (cid:31) Americas (cid:31) Australia
Risk 1 — Adverse regulatory changes to mining rights and fiscal requirements
Risk 2 — Failure to successfully deliver and ramp up growth projects
Risk 3 — Adverse future implications of event risks
Risk 4 — Inability to covert Mineral Resource to Mineral Reserve
Risk 6 — Failure to move down the industry cost curve – all-in sustaining cost competitiveness
Risk 7 — Loss of or threats to social licence to operate
60%
Risk 8 — Adverse gold and commodity prices, and currency movements
Risk 9 — Inability to meet investor expectations on responsible mining (ESG performance)
Performance 2022
Re-investment strategy
We continue to add to our Mineral Reserve and Mineral Resource
as part of a multi-year re-investment strategy launched in early
2020 to increase the rate of Mineral Reserve conversion, extend
the Mineral Reserve life of assets, enhance mining flexibility and
further improve knowledge of the orebodies in our portfolio. In
particular, we are investing to upgrade our orebodies, exploring
additional brownfields expansion through more comprehensive
orebody investigations, greenfields exploration and developments
in mining flexibility.
In 2022, the third year of this initiative, strong progress
was made with the cumulative addition of 12.2Moz to our
Mineral Reserve, pre-depletion, at an average cost of $67/oz.
Furthermore, we will be able to leverage our existing Mineral
Resource base to grow our Mineral Reserve. Growth in our
Mineral Resource and Mineral Reserve is primarily the result of
exploration activities across our portfolio.
The reinvestment programme has also led to an improved grade
profile across the portfolio with delivered grades 10% higher on
average in 2022 versus 2021. Grades recorded for the fourth
quarter of the year were 17% higher than in the first quarter and
were a key contributor to the overall improvement in production.
Mineral Resource and Mineral Reserve
By end 2022, 3.5Moz had been added in total to AngloGold
Ashanti’s Mineral Reserve, pre-depletion, bringing the total added
to our Mineral Reserve over the past three years to 12.2Moz.
Pre-depletion additions to the Mineral Resource totalled 11.4Moz.
Exploration and methodology- contributions were 2.8Moz to
Mineral Reserve and 7.1Moz to Mineral Resource. For more detail
on additions and depletions, see Mineral Resource and Mineral
Reserve – summary in this report and our dedicated .
Gold produced by operation
3
6
19
9
9
9
10
11
12
12
(cid:31) Geita
(cid:31) Kibali
(cid:31) AGA Mineração
(cid:31) Tropicana
(cid:31) Siguiri
(cid:31) Obuasi
(cid:31) Iduapriem
(cid:31) Sunrise Dam
(cid:31) Cerro Vanguardia
(cid:31) Serra Grande
19
12
12
11
10
9
9
9
6
3
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 We had six drill rigs in operation in the Beatty district for most
of the year and we expect to double this number in 2023. Our
improving understanding of the geology, structures and alteration
in the area is helping us identify other targets and is reinforcing
our view on the potential of our consolidated ground position.
We are establishing a strong, Nevada-experienced project
technical and permitting team. The new additions to our land
package, and a more favourable configuration, is growing our
confidence that production could comfortably exceed our
previous target of 300,000oz of annual production by the end of
the decade. We are forging ahead with work to consolidate our
newly acquired assets. Systematic exploration and optimised
project development will enable us to realise the potential of our
combined assets in the Beatty district.
The consolidation of the Beatty District has the potential for
significant synergies from economies of scale and integrated
infrastructure, including water rights, adjacent concessions and
processing facilities. The combined asset base also allows for
unified engagement with federal, state and local stakeholders
to advance and achieve shared sustainability goals and
other district benefits, such as opportunities to design
projects incorporating renewable energy, as well as develop
conservation and other local projects in conjunction with the
Beatty community.
Colombia projects
Quebradona
Following the decision of Colombia’s national environmental
licensing agency (ANLA) in November 2021 to archive the
Company’s environmental licence application for the Quebradona
project, AngloGold Ashanti filed an appeal seeking to secure
further details on the specific additional information required
for ANLA to make a decision on AngloGold Ashanti’s licence
submission. On 29 April 2022, ANLA denied the appeal and
confirmed its decision to archive the Company’s application.
AngloGold Ashanti is preparing a new Environmental Impact
Assessment which the Company intends to submit with the
licence application.
Gramalote
The feasibility study on the Gramalote gold project, a joint venture
with B2Gold, was completed. Both partners have determined that
the Gramalote project does not meet their investment thresholds
for development. The project continues to benefit from federal
and local government support as well as continuing support from
local communities.
AngloGold Ashanti and B2Gold have completed a comprehensive
review of the alternatives and consider that it would be in the best
interest of all stakeholders for a new party to own the Gramalote
project. The partners appointed a corporate advisor in the fourth
quarter of 2022 to assist with the sale process.
Australia
The total Mineral Resource for our Australia assets at
31 December 2022 was 10.0Moz, up from 9.8Moz in 2021, and
the Mineral Reserve was 2.6Moz versus 3.0Moz at the same time
in 2021.
i
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Maintain long-term optionality
Accounts for 11% of DSP performance award
Geographic distribution
Mineral Resource (Moz)
Mineral Reserve (Moz)
46.4
Moz
58.2
4.2
2.6
3.0
Moz
20.6
10.0
16.8
(cid:31) Africa (cid:31) Americas (cid:31) Australia (cid:31) Projects
At 31 December 2022:
Mineral Resource
131.4Moz
(cid:31) Africa (cid:31) Americas (cid:31) Australia (cid:31) Projects
Mineral Reserve
30.4Moz
Africa
The total Mineral Resource for our Africa assets at 31 December
2022 was 58.2Moz, up from 55.1Moz in 2021. Of this, the Mineral
Reserve accounted for 20.6Moz versus the 19.5Moz recorded at
the same time in 2021.
At Geita, a key asset in our portfolio, the extension of its
operating life remains a priority with 1.5Moz being added to
its Mineral Reserve in 2022, pre-depletion, bringing the total
additions here over the past three years to 3.7Moz, adding around
seven years to the life of mine. These Mineral Reserve increases
are attributed to successes achieved by the exploration drilling
programme underway at the mine which have led to an enlarged
pit designs at Nyamulilima and the first-time reporting of the
underground Mineral Reserve for the Geita Hill orebody.
At Siguiri, 1.0Moz were added to Mineral Reserve pre-depletion,
primarily due to the first-time reporting of the Sorofe, Sanutinti,
Kalamagna Mineral Reserve (in Block 1 P1), exploration infill
drilling updates and an increase in the Mineral Reserve price.
Americas
The total Mineral Resource for our Americas assets at
31 December 2022 was 16.8Moz*, up from 16.6Moz* in 2021,
and the Mineral Reserve was 3.0Moz* versus 3.1Moz* recorded
at the same time in 2021. Our projects in the region accounted
for a Mineral Resource of 46.4Moz, including a Mineral Reserve
of 4.2Moz (at 31 December 2022).
* The previous reporting has been adjusted to exclude the Colombia and USA
Projects which is included separately in the 2022 reporting.
Nevada – Beatty District
We have reported a first-time Mineral Resource for North Bullfrog
and Mother Lode, following the acquisition of Corvus Gold in
January 2022, and for Sterling, after the acquisition of Coeur
Sterling in November 2022. Combined these assets have a
Mineral Resource of 4.2Moz. This is in addition to the 4.2Moz
Mineral Resource at Silicon, giving a total Mineral Resource
of 8.4Moz for the Nevada assets. Adding these ounces to our
portfolio is part of a strategy to grow our Mineral Resource
and Mineral Reserve in the Beatty District of Nevada, fostering
development of a long-life production base in the short to
medium term.
During 2022, our project team completed the integration of
the Corvus Gold assets and project data into our evaluation
framework and, in the fourth quarter of 2022, began work on
integrating the Coeur Sterling properties into broader evaluation
studies.
Feasibility work at North Bullfrog, a smaller, high return deposit
continued to progress. Work to date indicates that this deposit
has a very low stripping ratio and using heap leach processing or
selective milling, could deliver very attractive returns. Permitting
is progressing and we continue to target first production in about
two years.
Work has begun on a pre-feasibility study for the Silicon project,
which has received its eagle permit, allowing us to mine within
two miles of existing golden eagle rests. Additional drilling at the
Merlin deposit has also begun.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Strategic trade-offs — Impact on our capitals
In conducting our business and delivering on our strategy, we make strategic trade-offs in terms of the capitals employed
to ensure we are well-positioned for growth in the longer term. As part of our decision-making process, we continuously
assess the availability and quality of the capital inputs required, balancing our short- and long-term needs for sustained
value creation.
We have made the following strategic trade-offs:
Trade off: Implementation of new Operating
Model and rollout of the Full Potential (FP)
Programme to optimise and streamline the
business versus potential reduced employment
and contractions in our Mineral Resource
and Mineral Reserve, resulting from the
implementation of the new Operating Model
The new operating model is aimed at improving AngloGold
Ashanti’s agility and resilience, ensuring a more robust
organisation better able to deal with an increasingly
unpredictable operating landscape. By simplifying the
organisational structure, clearly defining work and accountability,
this model will establish a foundation for operating excellence,
improved cost effectiveness and better predictability, thus
contributing to better operational outcomes.
Implementation started in the fourth quarter of 2021 and
continued throughout 2022. The new Operating Model renewed
emphasis on the ‘Operational Excellence’ initiatives aimed
at optimising operating processes and reducing costs, while
ensuring our workforce is fully engaged and appropriately
skilled. The introduction of the new operating model also led to
a headcount reduction of 635 employees between the Central
Functions and business units.
Working in tandem with the new Operating Model is the FP
Programme, which began early in 2022 and will continue until
the end of 2023.
This programme entails a thorough analysis of each operation
to enhance understanding of its full potential, its contribution to
our portfolio, and to bring about a step-change improvement in
operating performance and cost competitiveness.
Related strategic focus area/s:
Improve portfolio quality
Optimise overhead, costs and capital expenditure
Risks addressed:
Risk 5: Failure to meet our operational targets
Risk 6: Failure to move down the industry cost curve - all-in
sustaining cost competitiveness
Related opportunity:
Increasing our asset potential
Capitals impacted:
Asset acquisition (Corvus Gold and Coeur Sterling assets - both in Nevada)
Trade off: Acquisition of economically
viable, long-life gold deposits to ensure a
future pipeline of mineable assets versus
the financial cost of their acquisition and
development
The $365m acquisition of Corvus Gold was completed
in January 2022. Together with our Silicon asset, these
Corvus assets, namely North Bullfrog and Mother
Lode, help us to establish a foothold in the prospective
Beatty District, in southern Nevada. A second
acquisition at a cost of $152m of the Coeur Sterling’s
properties, which are adjacent to the Corvus assets,
further helped to consolidate this landholding in the
Beatty District.
Combined, these newly acquired assets have
contributed a total 5.1Moz to our Mineral Resource
at a total cash acquisition cost of $517m. In addition
to contributing to our future pipeline of mineable
orebodies, this acquisition enhances and entrenches
the diversity of our geographic footprint.
AngloGold Ashanti plans to bring these assets into
production by about the end of 2025. Initial estimates
are for annual production of around 300,000oz over
a mine life of at least 20 years at an all-in cost well
below our current average, although we continue to
calibrate those expectations in light of continued
exploration success.
Related strategic focus area/s:
Improve portfolio quality
Maintain long-term optionality
Risks addressed:
Risk 2: Failure to successfully deliver and ramp up growth projects
Risk 4: Inability to covert Mineral Reserve and Mineral Resource
Risk 5: Failure to meet our operational targets
Risk 6: Failure to move down the industry cost curve - all-in sustaining
cost competitiveness
Risk 8: Adverse gold and commodity prices and currency movements
Related opportunities:
Increasing our asset potential
Improved systemisation
Capitals impacted:
+
+
–
–
+
–
–
+
Implementation of carbonisation strategy and related emission targets
Our capitals
Natural capital
Human capital
Manufactured capital
Financial capital
Social and
relationship capital
Intellectual capital
– Negative impacts + Positive impacts
Related strategic focus area/s:
Prioritise people, safety, health and sustainability
Risks addressed:
Risk 9: Inability to meet expectations or to mine responsibly (ESG
performance)
Capitals impacted:
+
–
–
+
Trade off: Reducing our carbon emissions
to make a positive contribution to efforts
to help limit climate change versus the
financial cost of implementing such a
strategy
Our decarbonisation strategy and the accompanying
Roadmap to Net Zero were officially launched
in October 2022. At AngloGold Ashanti, we have
committed to a reduction of 30% in our absolute
Scope 1 and 2 GHG emissions by 2030 (2021
baseline) to around 1Mt CO2e (2021: 1.4Mt CO2e).
The Roadmap, which also includes a commitment to
net zero Scope 1 and 2 emissions by 2050, outlines a
multi-pronged approach involving the implementation
of renewable energy projects; electrification of our
mining fleet; and the use of lower-emission power
sources. The capital cost required to achieve these
reductions is estimated at around $1.1bn, of which
$350m will be funded by AngloGold Ashanti, with the
balance through third party funding such as providers
of renewable energy infrastructure.
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Organisational restructuring and revitalisationAngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Strategic trade-offs — Impact on our capitals continued
Re-investment programme to enhance the availability of our Mineral Reserve, a
depleting resource, for sustained long-term value creation
Optimising capital allocation
Trade off: Managing and optimising Mineral
Reserve extraction over time to maximise long-term
value creation
Started early in 2020, our re-investment programme continued
through 2022, pursuing growth-driven brownfields projects across
our portfolio to grow our Mineral Reserve and thus production, to
lower costs and increase value created over the medium to longer
term. It entailed increasing the confidence in the Mineral Resource
and allowing it to be converted via mine planning to Mineral
Reserve while also increasing the rate of waste stripping at open
pit mines and improving rates of underground development at
those sites with high geological potential.
Related strategic focus area/s:
Improve portfolio quality
Optimise overhead, costs and capital expenditure
Risks addressed:
Risk 4: Inability to covert Mineral Reserve and Mineral Resource
Capitals impacted:
Over the past three years, the re-investment programme
contributed 12.2Moz (pre-depletion) to the Mineral Reserve.
–
–
+
+
Our capitals
Natural capital
Human capital
Manufactured capital
Financial capital
Social and
relationship capital
Intellectual capital
– Negative impacts + Positive impacts
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Trade off: Balancing competing needs for capital
– investing in growth projects to ensure the long-
term viability of our business and maintaining
a solid balance sheet versus payment of
shareholder dividend
Disciplined capital allocation underpins delivery on our strategy.
Our approach is guided by a clear capital allocation framework
that prioritises investment in our asset base to support the
health and sustainability of the business. This framework
enforces a disciplined approach to value creation through
the effective management of capital, without placing undue
financial or operating risk on the business.
The four pillars of our capital allocation strategy are:
• Sustaining capital expenditure that prioritises Mineral
Reserve growth
• Maintaining a strong balance sheet to provide optionality and
agility through the commodity cycle
to cover finance costs and $181m (55%) paid in dividends to
shareholders (2021: $974m (22%) was retained and $364m paid
to capital providers - $140m (38%) for finance costs and $224m
(62%) in dividends).
Related strategic focus area/s:
Maintain financial flexibility
Improve portfolio quality
Optimise overhead, costs and capital expenditure
• Returning value to shareholders
Risks addressed:
• Self-funding of major growth capital projects for
future optionality
Our capital requirements can be funded by debt, an equity
raising or they can be self-funded. Each of these options comes
with an associated cost, risk and trade-off. In recent years,
AngloGold Ashanti has chosen to self-fund much of its capital
requirements.
Risk 2: Failure to successfully deliver and ramp up growth
projects
Risk 4: Inability to covert Mineral Reserve and Mineral Resource
Risk 6: Failure to move down the industry cost curve - all-in
sustaining cost competitiveness
Risk 8: Adverse gold and commodity prices and currency
movements
The ultimate aim of our capital allocation strategy is to
maximise long-term shareholder value and returns. One
measure of the success of our capital allocation strategy is our
ability to generate sustainable free cash flow through the cycle;
another is our share price performance.
Related opportunities:
Increasing our asset potential
Capitals impacted:
In 2022, of total value generated, $1,030m (22%) was retained
for re-investment in the Company with a total of $330m being
paid to providers of capital – $149m (or 45% of this amount)
+
–
+
+
+
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Climate change disclosure
Addressing the TCFD’s recommendations
AngloGold Ashanti has adopted the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and
commits to incrementally reporting in line with the related disclosure guidelines.
STRATEGY
Our ambitions:
GOVERNANCE
Our ambitions:
• Shared accountability throughout the organisation
• Inclusive communication on climate risk and performance
• Climate disclosures that aim to go beyond compliance and/or external stakeholder expectations
• Opportunities for awareness and training are available to all
• Training and building competency are continuous processes, open to all, which adapt to evolving needs of the organisation
Board oversight on
climate change
Climate change risk and decarbonisation are Board-level governance issues currently overseen by the
Social, Ethics and Sustainability (SES) Committee and the Audit and Risk (A&R) Committee. The Climate
Change Working Group (discussed below) reports on climate matters to the SES Committee and to the Chief
Sustainability and Corporate Affairs Officer. Climate change and decarbonisation are considered at every
SES and A&R committee meeting and are raised to the Board as necessary. Additional meetings to discuss
decarbonisation plans and investment are undertaken with these committees as required.
The Board approved our Climate Change Strategy in 2021 and the strategy to achieve decarbonisation and
the pathway to net zero GHG emissions that was announced in 2022. See related Media Release
In October 2021, our CEO Alberto Calderon joined fellow CEOs of ICMM members to commit to a goal of net
zero GHG emissions by 2050 or sooner, in line with the ambitions of the Paris Agreement. See Video
Board-level
knowledge and
training
Board-level training on climate change, its application and implications for the mining sector, and AngloGold
Ashanti’s strategic response was undertaken in 2021 and 2022. All Company vice presidents and senior
management attended similar training in 2021.
Management
oversight on climate
change
Established in 2020, our Climate Change Working Group is led by the Chief Sustainability and Corporate
Affairs Officer. Its members include a cross section of functional leaders from across the Company. This
working group reports on climate matters and decarbonisation to the Chief Sustainability and Corporate
Affairs Officer and the SES Committee.
A decarbonisation project team, led by the newly appointed Vice President: Decarbonisation, was set up to
develop, manage, monitor and deliver AngloGold Ashanti’s decarbonisation strategy.
The Management Investment Committee, established in 2022, is a multi-disciplinary committee comprising
senior executives that reviews all capital projects, including decarbonisation projects. It is chaired by our
Chief Operating Officer. The committee meets monthly to review major investment projects and recommends
selected projects for Board approval.
We have established an internal climate-change focused Financial Reporting Forum in response to emerging
SEC and ISSB rules on climate reporting. Through the Forum, we track and analyse emerging climate
reporting requirements, enabling us to develop robust systems for climate-related reporting and assurance.
We have established a clear link between the achievement of our decarbonisation strategy and executive
remuneration: Historically, emissions performance was measured and rewarded against improving on a
rear-facing three-year average GHG intensity measure. In 2021, our production plans and the energy budget
needed to deliver them was used to determine an annual carbon budget, using each operation’s existing
energy mix and taking into account any planned carbon reduction benefits. This forward-looking process is
now directly linked to the Deferred Share Plan (DSP) performance metrics in a way that is tangible and within
management’s control. As the energy mix and carbon reductions are realised, the process allows adjustments
to provide a new baseline for performance. See Rewarding delivery in this report.
• Strategy has a transformational effect on the culture of and innovation within the entire organisation and brings significant benefits
for the Company, and for wider social and environmental aspects
• Multi-dimensional and forward-looking climate scenarios are used to explore important dimensions of climate-related risks
• Climate action involves collaboration with communities and other interested groups to achieve change
Identification of
material risks and
opportunities
We take a strategic approach to risk and seek to ensure that climate-related risks and opportunities have
been systematically integrated into our existing risk management frameworks, and linked guidance and
decision-making processes. Our pathway to net zero and climate change resilience was identified as a priority
ESG material sustainability issue in our 2022 materiality process – See Materiality assessment in the .
Our climate change strategy also drives the management of physical and transition climate risks within our
strategic and operational planning processes.
Disclosure of impacts
on and by the
business
In addition to our annual in which we disclose our approach to mitigating the effects of climate change
and decarbonisation, we published our inaugural Climate Change Report () in 2021 in alignment with
TCFD requirements. In October 2022, we published our strategy to reduce GHG emissions, as well as related
2030 targets. This announcement outlined the scale of capital funding required to achieve this plan and
proposed funding sources. See Our business model, Environment and Value by stakeholder in this report and
the .
Business resilience to
climate-related risks
and opportunities
In 2020/21, we undertook a detailed review of our existing Group-level policies, standards and guidelines
to identify the key areas where climate considerations could be further incorporated and strengthened.
This review highlighted the breadth of functional areas where we see climate change being relevant –
often beyond some of the more obvious areas, for example environment policies around water, land use
and biodiversity, and closure and rehabilitation, and into other more strategic decision-making processes
such as capital investment, acquisitions and divestments, and procurement. Incorporating these climate
considerations when we update these Group-level policies will ensure that climate-resilient thinking becomes
central to the way in which we work.
RISK MANAGEMENT
Our ambitions:
• Climate risk assessment integrated into relevant decision-making processes
• Impacts quantified, including in economic terms where feasible and useful, which pick up wider social and environmental aspects
• Climate impacts are assessed for critical supporting infrastructure, supply chains, communities and ecosystems
• Controls also seek out opportunities to maximise benefits for communications and ecosystems
Risk identification,
assessment and
management
We have mapped physical climate change risks across our operations, supply chains and communities
(facilitated by an external party) and, in 2023, will undertake a more detailed internal review of these to gain
an updated understanding of any residual financial effects.
In respect of our transition risks:
The market for gold has been considered extensively by the Word Gold Council (WGC), and as a relative risk
(between gold and other commodities). Climate change is seen to be an opportunity for gold. See the WGC
report and our .
• In 2021, we engaged the Carbon Trust to undertake an assessment of the carbon pricing risk faced by
AngloGold Ashanti in each country of operation after which a qualitative risk index was developed to
compare our exposure to carbon pricing risk in each of these countries
• Climate legislation-related risks, including imposition of asset-level GHG emission caps and allowance
requirements, and the reputational risk of not meeting our energy transition and decarbonisation plans,
have been incorporated into our enterprise risk management process. This process is overseen by the A&R
Committee
• A current area of focus in 2023 is to assess, understand and develop an indicative quantification of climate-
related risk on the annual business plan.
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Climate change disclosure
Addressing the TCFD’s recommendations continued
Regional performance
Africa
RISK MANAGEMENT continued
Engagement with
stakeholders
We have engaged with a wide range of stakeholders on climate change and decarbonisation. Some of these
engagements included:
• Shareholders: In addition to our annual reporting, we hosted a market call in October 2022 to brief investors
and analysts on our decarbonisation plans. Our approach to climate change and decarbonisation process
is included in all shareholder engagements (both in groups and with individuals)
• Employees: In addition to the climate change training provided to senior management and management,
we have developed specific communications material for employees, and our operating regions have been
encouraged to continue this engagement on what this means for their respective region. Our community
development team has over the past two years engaged with internal site community leads on the
potential physical impacts of climate change on communities (such as adverse weather events, migration,
agricultural impacts) and the potential for collaboration on building community resilience
• Communities: Engagement with communities has included discussions on changing weather patterns
and their potential impact. Our community investment projects are increasingly geared to address climate-
related issues. For example, the impact of climate change on agriculture, or the need for bridges and other
infrastructure to cope with adverse weather events
• Governments: Engagements with government stakeholders have taken place where this is opportune or
necessary, such as in Australia and Colombia
• Industry bodies: As a member of the ICMM, we regularly engage with our mining peers and are currently
participating in a study to understand the industry’s Scope 3 GHG emissions, particularly in respect of
climate accounting
Operation
0
2,000km
Guinea
1
2
Ghana
Legend:
1 Guinea, Siguiri (85%)
2 Ghana, Iduapriem / Obuasi
3 DRC, Kibali (45%) (1)
4 Tanzania, Geita
(1) Kibali is operated by Barrick
4
Tanzania
3
DRC
Johannesburg
Integration with
current risk process
We have incorporated the findings of physical climate change risk assessments undertaken in 2021, into our
enterprise risk management system, integrating existing site-specific threats to the extent possible. As we
advance our understanding of these and transitional risks, they too will be integrated into the existing site risk
registers. This underscores our belief that climate considerations are key modifiers of our existing profile of risk
and should not be managed as standalone issues
METRICS AND TARGETS
Our ambitions:
• Benefits metrics are developed to monitor and improve outcomes for wider social and environmental aspects
• Scope of climate metrics and targets will in the future consider upstream and downstream value chain
• The impact/outcomes of external activities are routinely monitored, evaluated and reported
• Comprehensive and transparent internal and external climate reporting
Disclosing climate –
related metrics
We disclose a wide range of metrics in our annual and related , including energy consumption
and intensity, our Scope 1 and 2 GHG emissions and intensity.
Setting climate-
related targets
and reporting on
performance
In October 2022, we published our strategy to reduce absolute Scope 1 and 2 GHG emissions by 30% by
2030 (compared to 2021), and our pathway to achieve net zero GHG emissions by 2050. See Roadmap to
Net Zero. These targets are closely supported by the annual emission targets set through our discretionary
remunerations system. We will report on progress every year in our .
Contribution to regional production
32
21
%
15
17
15
(cid:31) Kibali (cid:31) Iduapriem (cid:31) Obuasi
(cid:31) Siguiri (cid:31) Geita
60%
Contribution to total
production
$576m (1)
Capital expenditure
(1) Includes joint ventures
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Regional performance
Africa continued
Our operations in Africa
Africa is home to five of our operations, with one – Kibali in the
DRC – managed by Barrick Gold Corporation. These operations
contributed 60% or 1.635Moz in 2022 to total annual Group
production of 2.742Moz (2021: 57% or 1.4Moz respectively). In
Ghana we operate the Iduapriem and Obuasi mines, in Guinea,
Siguiri and in Tanzania, Geita.
At the end of 2022, our African region accounted for 20.6Moz
(68%) of the total Mineral Reserve and 58.2Moz (44%) of the total
Mineral Resource.
The Africa operations employed an average of 19,807 people
in 2022 (2021:17,260), of whom 13,070 were contractors
(2021:10,781).
Successes
Successes
• Production rose by 15%
Challenges
Challenges
• Containing costs in a high-inflation environment
• The Obuasi redevelopment project achieved mid-point of
• Political uncertainty in Guinea following the coup d’etat in 2021
production guidance of 250,000oz
• Iduapriem’s reinvestment drove improvements in grade
• Strong safety performance – Iduapriem, Geita, Obuasi and
Siguiri remained fatality-free for the year
• Geita’s improved volumes and grade led to strong performance
in the second half of the year
• Mining started at Geita’s Nyamulilima open pit in 2021 and
continued in 2022 the open pit is expected to produce more
than 1Moz of gold from 2021 to 2027
• Increase in illegal and artisanal and small-scale mining
• Value-added tax lock-ups in Tanzania and the DRC
• Navigating a challenging macro-economic environment and
potential political change
• Increased demands for local employment and participation in
the value chain
Performance summary 2022
• Production for the Africa region for the year was 15% up at 1.635Moz, achieved at a total cash cost of $962/oz. This compares to
1.419Moz at a total cash cost of $904/oz for 2021
• All-in sustaining cost of $1,227/oz for the year ended 31 December 2022, compared to $1,161/oz for 2021
• Regional capital expenditure of $576m, equivalent to 56% of Group expenditure (2021: $506m; 49%) – is broken down by operation as
follows: Kibali $90m (2021: $72m); Iduapriem $146m (2021: $105m); Obuasi $159m (2021: $168m); Siguiri $27m (2021: $39m); Geita
$154m (2021: $122m)
• Safety performance improved – there were no occupational fatalities at Company-operated mines and a TRIFR of 0.33 per million
hours worked was recorded (2021:0.61)
• Regional community investment totalled $10.19m (2021: $10.5m)
• With Obuasi having received its ISO 45001 (health and safety) certification, all our Africa operations are now certified in terms of ISO
45001, ISO 14001 (environmental management) and the International Cyanide Management Code
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Our African production rose 15% year-on-year and total cash
costs increased by 6% as we worked to limit the impact of
inflation on cost structures. We continued integration of the new
Operating Model, the existing Operational Excellence programme,
and the FP Programme launched during 2021.
In the second half of 2022, Geita was part of the FP programme
designed to enhance understanding of the relative potential of
each asset and includes developing a plan and implementation
schedule to achieve the targeted performance over the next six to
24 months.
Production for the year rose at Obuasi by 131%, at Iduapriem by
23%, at Siguiri by 8% and at Geita by 7%.
At Geita gold production was up year-on-year mainly due to
increased ore volumes processed as well as higher recovered
grades. Geita recorded strong production, exceeding 500,000oz
for 2022. Higher volumes and grades drove performance in
the second half of the year. We are reaching the end of the
reinvestment programme at the mine and Geita is now back to
operating a production rate of above 500,000oz annually.
At Siguiri production increased in the year mainly due to higher
recovered grades, partly offset by lower ore volumes processed.
Reduced volumes of ore processed were a result of local
community protests related to employment demands which led
to mining disruptions and the temporary suspension of mining
activities for ten days in July 2022.
Siguiri was the first of the African operations to be involved in the
FP programme with the leadership team focusing on increasing
the volume of high-grade oxide ore from Block 2. This increase
was successful and is reflected in the year-on-year increase in production. We
are starting to see the benefits of the FP programme at Siguiri and a second
contractor was hired to deliver higher volumes of higher-grade oxide ore from
Block 2.
At Iduapriem, gold production increased year-on-year, due, in the main to the
higher ore volumes processed, supported by higher grades recovered as the
mine accessed ore from Block 5 and Teberebie Cut 2a.
Obuasi’s production increased in the year, primarily due to the resumption of
stoping activities following the temporary suspension of underground stoping
activities in 2021 due to a sill pillar incident in May of that year. In the first
months of 2023, we have been mining more than 4,000tpd of gold bearing rock.
In the DRC, Kibali’s production was lower year-on-year mainly due to lower
grades. This was partly offset by a marginal increase in ore volumes processed.
In the final quarter of 2022 production improved by 17% compared to the third
quarter as grades and volumes increased.
Obuasi update
Phase 3 of the Obuasi redevelopment project remains on track ramping up to the
mining of 5,000tpd, and eventually to over 6,000tpd.
In 2022 the project achieved the following milestones: hoisting via the KMS
rock shaft in November 2022; pumping to drop the water level below 50 level;
commissioning of the material handling system from 44 level to surface;
completing the new ventilation shaft pilot hole and progressing the KMS shaft
down to 44 level.
The ramp-up continues to the planned annual full production run-rate in excess
of 400,000oz, which is expected by the end of 2024.
TRIFR
(per million hours worked)
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
0.62
0.59
0.61
0.49
0.33
2018
2019
2020
2021
2022
Attributable production (2)
(000oz)
2,000
1,512
1,538
1,603
1,635
1,419
2018
2019
2020
2021
2022
1,500
1,000
500
0
Productivity (2)
(oz/TEC)
25
Outlook for 2023
• Safely maintain solid performance across the region
• The FP programme – Siguiri and Geita have completed the programme and are
working to their respective FP plans
• Obuasi redevelopment project – Phase 3 is on track and the next key
milestones include completion of the new ore pass, followed by rail
construction, and establishing a new pump station on 50 level
20
15
10
5
0
20.70
19.19
20.20
15.45
15.95
2018
2019
2020
2021
2022
Total cash and all-in sustaining costs (2)
($/oz)
1500
1200
900
773
904
899
763
793
1,161
1,227
958
904
962
600
300
0
2018
Total cash costs
2019
All-in sustaining costs (1)
2020
2021
2022
(1) World Gold Council Standard
(2) Restated IAS 16, “Property, Plant and Equipment - Proceeds
before Intended Use”, effective 1 January 2022
For performance data by operation, see
86
87
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Regional performance
Americas
Project
Operations
0
400km
Legend:
1 North Bullfrog (1) / Silicon,
Mother Lode (1)/ Sterling (2)
2 Colombia, Gramalote (50%) (3)
/ La Colosa / Quebradona
1 Argentina, Cerro Vanguardia (92.5%)
2 Brazil, Serra Grande
3 Brazil, AGA Mineração
(1) North Bullfrog and Mother Lode acquired
on acquisition of Corvus Gold in January
2022
(2) Sterling, which includes the Crown Block
deposit, acquired on acquisition of Coeur
Sterling in November 2022
(3) Managed by B2Gold
Contribution to regional production
30
%
15
55
(cid:31) Cerro Vanguardia (cid:31) AGA Mineração (cid:31) Serra Grande
21%
Contribution to total
production
$322m
Capital expenditure
(operations)
$17m
Capital expenditure (projects)
Our operations and projects in
the Americas
The Americas host three of our operations – one in Argentina
and two in Brazil – as well as two greenfields projects in
Colombia and a significant greenfields development in Nevada in
the United States.
The operations in Brazil and Argentina added 569,000oz to Group
production in 2022, 21% of total ounces produced.
At the end of 2022, our Americas region accounted for 3.0Moz
(10%) of the total Mineral Reserve and 16.8Moz (13%) of the total
Mineral Resource, with our projects in Colombia and Nevada
accounting for 4.2Moz (14%) and 46.4Moz (35%) respectively.
The operating sites are in Argentina (Cerro Vanguardia) and
Brazil (Serra Grande and the AGA Mineração operation which
comprises the Cuiabá and Córrego do Sítio (CdS) mining
complexes).
In Colombia, the portfolio includes the Quebradona and
Gramalote projects in the department of Antioquia. The La
Colosa project, in the department of Tolima, remains in force
majeure. In the United States, the greenfields concessions –
which include adjacent assets acquired with the Corvus and
Coeur’s Sterling acquisitions – are in the Beatty District in
southern Nevada. Exploration is ongoing with the prospect of first
production in 2025.
The Americas operations employed an average of 9,498 in
2022 (2021: 9,972 people), of whom 3,405 were contractors
(2021: 3,520).
Successes
Challenges
• America’s production increased by 2% year-on-year with
• Reduced ore volumes processed at AGA Mineração led to a
stronger performances across the region in the second half of
the year
decline in production. This was partly offset by higher grades
recovered.
• At Cerro Vanguardia, higher production was mainly driven by
improved grades
• Invested $83m in the conversion of our Brazil TSFs to dry
stacking in 2022, bringing the total invested over the past three
years to $244m
• Acquired of Corvus and Sterling to enhance our footprint in
Beatty district, Nevada
• Completed a strategic review of the CdS mining complex and
elected to retain the asset. The management team will focus
on rebasing the mine plan to return the operation to a cash
neutral position in 2023, and to generate positive cash flow in
the medium term
• Suspended tailings deposition at the Calcinados TSF and
processing from the Queiroz plant, which service the Cuiabá
complex, until completion of a buttressing programme on
the TSF
• Plant throughput being closely monitored to keep within
permitted tailings limits
Performance summary 2022
• Production for the year was 569,000oz (2021: 559,000oz) achieved at a total cash cost of $1,078/oz (2021: $917/oz)
• All-in sustaining cost of $1,718/oz, up 9% year-on-year (2021: $1,582/oz)
• Safety – no occupational fatalities at Company-operated mines and the TRIFR improved to 2.33 per million hours worked (2021: 3.55)
• Community investment amounted to $6.43m (2021: $5.8m)
• All American operations maintained their certification in terms of International Cyanide Management Code, ISO 45000 (health and
safety) and ISO 14001 (environmental management)
• Regional capital expenditure of $322m (2021: $346m) – 29% of total capital expenditure (2021: 31%) – was as follows:
Cerro Vanguardia $66m (2021: $69m); AGA Mineração $199m (2021: $195m); Serra Grande $57m (2021: $82m)
• Capital expenditure on projects totalled $17m, $16m in Colombia (2021: $52m) and $1m in the United States (2021: 0)
At the AGA Mineração mining complex in Brazil, gold production
was down year-on-year, mainly due to lower ore volumes
processed that were partly offset by higher grades recovered.
At Serra Grande, gold production improved in the period due to
higher recovered grades.
In Argentina, Cerro Vanguardia’s production was higher owing to
a combination of improved ore volumes processed and higher
recovered grades.
In Colombia, after the national environmental licensing
agency’s (ANLA’s) decision in November 2021 to archive our
environmental licence application relating to the Quebradona
project, we filed an appeal seeking to secure further details on
the specific additional information ANLA would require in order
to be able to make a decision on our licence submission. In April
2022, we were informed ANLA had denied the appeal and had
confirmed the decision to archive the application.
88
89
21123AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Regional performance
Americas continued
TSFs in Brazil – an update
A raft of new tailings-related legislation and regulation has been introduced in Brazil over the past four years. Additional tailings-
related regulations introduced in 2022 required us to carry out a new detailed risk assessment of our TSF portfolio. This assessment
was conducted using internationally recognised methodology and facilitated by external consultants.
One of the findings of this assessment was to increase the buttressing of the Calcinados TSF to align its post liquefaction factor
of safety with the standard applied in Canada, which is currently considered best practice. We plan to proceed with this buttressing
programme and have suspended the processing of gold concentrate at the Queiroz plant and of filtered tailings deposition on the
Calcinados TSF, which both service the Cuiabá mine complex, until the buttressing is complete.
It is important to note that the operational and structural integrity of the Calcinados TSF remains safe and stable, per the conclusions
of our risk assessments by both external consultants and our own TSF team. The facility’s factors of safety – in both a drained and
undrained state – are fully compliant with relevant Brazilian operating regulations.
Information on the timeline for the completion of this buttressing programme is expected to be provided after engineering and
geotechnical work has been completed by external consultants.
In the meantime, mining of ore is continuing at both mines. During this period, we expect that the site will continue to extract gold
from the gravity circuit at a rate of 5,000oz on average per month and will produce gold in concentrate at an average of approximately
10,000oz per month, with options being assessed to sell gold concentrate until the Queiroz plant resumes operations.
We are preparing a new Environmental Impact Statement which
we expect to submit with the licence application.
The Gramalote project in Colombia, a joint venture between
AngloGold Ashanti and B2Gold Corp, was completed. Both
partners determined that the Gramalote project does not
meet their investment thresholds for development. After a
review it was decided that it would be in the best interest of all
stakeholders for a new party to own the Gramalote project. The
partners appointed a corporate advisor in the fourth quarter of
2022 to assist with the sale process.
Nevada strategy
Our Nevada properties have significant potential, with a possible
Mineral Resource of more than 10Moz. We declared a Mineral
Resource of 8.4Moz at 31 December 2022, having declared a first-
time Mineral Resource at North Bullfrog, Mother Lode and Sterling.
Following the consolidation of the property in Nevada, the Beatty
District is an area of great potential for AngloGold Ashanti.
We are working to incorporate the Merlin property that, together
with Silicon, will likely sit at the heart of this region. We are
targeting first production in about 2025 and see production rising
to more than 300,000oz within the decade, for around 20 years, at
an AISC in the high $900/oz. This will see the development of a
low-cost, long-life Nevada production base in the medium term.
See Maintain long-term optionality in this report for additional
insight into our projects.
For performance data by operation, see
Outlook for 2023
• Given the suspension of tailings deposition at the Calcinados
TSF plant, we plan to produce around 5,000oz of gravity gold
monthly and to increase concentrate production to about
10,000oz a month. Options currently being assessed for the sale
of gold concentrate until the Queiroz plant resumes operation
• The FP programme initiatives implemented at Cuiabá have
seen ore tonnes consistently above full potential target – this
is expected to continue into 2023
• At Serra Grande, the FP team identified several enhancement
opportunities and it is following implementation plans with
timelines for delivery
• At the Nevada project, the North Bullfrog feasibility study
is due to be completed in the first half of 2023 while the
permitting process is ongoing. At Silicon, a pre-feasibility study
incorporating the Merlin ground has started
Attributable production
(000oz)
776
800
710
700
600
500
400
300
200
100
0
649
559
569
2018
2019
2020
2021
2022
TRIFR
(per million hours worked)
Productivity
(oz/TEC)
Total cash and all-in
sustaining costs ($/oz)
2,000
5
4
3
2
1
0
3.97
3.84
3.68
3.55
2.33
2018
2019
2020
2021
2022
15
12
9
6
3
0
90
12.86
11.39
9.70
1,500
1,718
1,582
7.74
7.70
1,000
855
624
1,032
972
917
1,078
736
720
500
0
2018
2019
2020
2021
2022
2018
2019
2020
2021
2022
Total cash costs
(1) World Gold Council Standard
All-in sustaining costs (1)
Legend:
1 Sunrise Dam
2 Tropicana (70%)
Regional performance
Australia
Operation
1,000km
Western
Australia
1
Kalgoorlie
2
Perth
Contribution to regional production
%
57
43
(cid:31) Sunrise Dam (cid:31) Tropicana
19%
Contribution to total
production
$202m
Capital expenditure
91
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Regional performance
Australia continued
Our operations in Australia
AngloGold Ashanti owns the Sunrise Dam and Tropicana gold
mines in the north-eastern goldfields of Western Australia.
Sunrise Dam is wholly-owned, while Tropicana is a joint venture
between AngloGold Ashanti (manager with 70%) and Regis
Resources Ltd (30%). Together, these operations produced an
attributable 538,000oz in 2022 (2021: 494,000oz) contributing
19% to total production.
At the end of 2022, the Australian operations accounted for
2.6Moz (8%) of the total Mineral Reserve and 10.0Moz (8%) of
the total Mineral Resource.
The Australian operations employed an average of 1,532 people
in 2022 (2021:1,332) people, of whom 1,218 (2021:1,044) were
contractors, in 2022.
Successes
Challenges
• Gold production at Tropicana increased by 15% year-on-year
• Severe skills shortages and COVID-related employee
due to higher grades and volumes processed, which contributed
to an 11% improvement in total cash costs
absenteeism placed pressure on productivity and mining
efficiency at both Australian sites
• A pre-feasibility study (PFS) was initiated at Tropicana on the
underground mineralisation at Havana, following completion of
a scoping study
• The FP programme identified opportunities at Sunrise Dam
to extend mine life, improve underground productivity and lift
metallurgical recovery
• Sunrise Dam’s Total Recorded Injury Frequency Rate more than
halved year-on-year
• Inflation impacted costs with significant increases in diesel
costs, in particular
• Increased run-of-mine are fed from Sunrise Dam to displace
plant feed from low-grade stockpiles
Performance summary 2022
• Production for the year was 538,000oz at a total cash cost of $1,157/oz, compared to 494,000oz at a total cash cost of $1,196/oz for
the year ended 31 December 2021
• The all-in sustaining cost decreased to $1,345/oz (2021: $1,500/oz)
• Regional capital expenditure rose to $202m (2021: $184m) and was spent as follows: Sunrise Dam $50m (2021: $62m);
Tropicana $152m (2021: $122m)
• Safety performance improved – there were no occupational fatalities at Company-operated mines and a TRIFR, of 3.82 per million
hours worked was recorded (2021: 6.59)
• Regional community investment amounted to $0.98m (2021: $1.01m)
• Sunrise Dam and Tropicana are certified under the Cyanide Code, ISO 45000 (health and safety) and ISO 14001
(environmental management)
Production from the Australia region increased by 9% in 2022 with
production at Sunrise Dam up by 1% and at Tropicana by 15%.
The skills shortages and COVID-related absenteeism that were
a feature of 2020 and 2021 persisted into 2022, placing ongoing
pressure on productivity and mining efficiency.
At Sunrise Dam the labour issues that impacted the underground
mine in the first half of the year, reducing tonnes mined, were
offset by ore from the short-life Golden Delicious satellite pit,
which decreased the need to supplement mill feed with low grade
stockpiled ore.
Mine productivity improved in the second half with initiatives to drive
development in priority headings and improve spatial compliance.
This, along with the change to firing once every 24 hours and the
conversion of the underground workshop to enable jumbo servicing,
mitigated some of the production losses of the first half. The mine
finished the year with production of 232,000 oz, up 1% on 2021.
The total cash cost of $1,402/oz for the year ended 31 December
2022 compared to $1,321/oz for the year ended 31 December 2021.
At Tropicana, labour shortages and equipment reliability impacted
waste stripping in the Havana cutback, which has the potential to
push peak ore production from the Havana open pit from 2025 into
2026. Operational measures are in place to pull back this deficit in
waste stripping.
The Boston Shaker underground mine performed well, hitting
targeted ore production of 1.4Mtpa. The Tropicana underground
mine, which began production at year end, will lift underground ore
production to approximately 2Mtpa.
A combination of higher ore volumes processed and higher
recovered grades enabled Tropicana to lift gold production to
306,000 oz at a total cash cost of $881/oz for the year ended
31 December 2022, compared to 265,000oz at a total cash cost of
$987/oz for the year ended 31 December 2021.
Outlook for 2023
• Sunrise Dam will continue to focus on lifting underground
ore production from an annualised rate of 2.6Mtpa to
3.0Mtpa through productivity improvements identified in the FP
Programme. These include an underground workshop to lift jumbo
utilisation and improvements to planning and scheduling, which
together will support an increase in underground volumes
• A potential cut back of the Cleo open pit was identified during
2022 and a pre-feasibility study initiated to study the complex
interaction between the potential open pit cut-back and the
underground mine. The cutback could yield up to 20Mt of ore at
1.7g/t. The PFS will continue during 2023
• At Tropicana, a PFS on mining the underground mineralisation at
Havana was underway at year end. The PFS is assessing the most
economical way to access the ore, either via a dedicated decline
from the Havana pit, or via the “Havana Link Drive” from the
current Tropicana decline. The Havana Link Drive has the potential
to provide a drilling platform to access high grade mineralisation
between Tropicana and Havana, and potentially early access to
the Havana underground. The PFS will be completed in 2023
a
i
l
,
a
r
t
s
u
A
m
a
D
e
s
i
r
n
u
S
TRIFR
(per million hours worked)
10
9.14
7.33
6.59
3.74
3.82
8
6
4
2
0
2018
2019
2020
2021
2022
Attributable production
(000oz)
800
600
400
200
0
625
614
554
538
494
2018
2019
2020
2021
2022
Productivity
(oz/TEC)
49.55
50
40
30
20
10
0
44.85
37.50
30.93
29.27
2018
2019
2020
2021
2022
Total cash cost and all-in sustaining costs
($/oz)
1500
1,500
1,345
1,225
1,196
1,157
1200
1,038
900
762
730
990
968
600
300
0
2018
2019
2020
All-in sustaining costs (1)
2021
2022
For performance data by operation, see
Total cash costs
(1) World Gold Council Standard
92
93
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Mineral Resource and Mineral Reserve – summary
AngloGold Ashanti strives to actively create value by growing
its major asset – the Mineral Resource and Mineral Reserve.
This drive is based on active, well-defined brownfields and
advanced project development programmes, innovation in
both geological modelling and mine planning, and continual
optimisation of the asset portfolio. Ensuring a viable Mineral
Resource and Mineral Reserve pipeline enables delivery of
sustained value-adding growth in the long term.
Responsible management of our Mineral Resource and Mineral
Reserve, our exploration programme and related planning, is
vital in optimising the operating lives of our assets. In so doing,
AngloGold Ashanti ensures that it is able to deliver on its strategy
and related strategic objectives, in particular, maintaining long-
term optionality and improving the quality of our portfolio. See
also Exploration and planning for the future in this report.
Reporting compliance
AngloGold Ashanti reports its Mineral Resource and Mineral
Reserve in accordance with the minimum standards prescribed
by the South African Code for the Reporting of Exploration
Results, Mineral Resources and Mineral Reserves, 2016
edition (SAMREC Code) and Section 12.13 of the JSE Listings
Requirements (as updated from time to time).
We achieve this by ensuring the principles of integrity,
transparency and materiality are central to the compilation of this
report and through using the reporting criteria and definitions
as detailed in the SAMREC Code. The changes to AngloGold
Ashanti’s Mineral Resource and Mineral Reserve were reviewed
in compliance with the SAMREC Code, and it was concluded that
detailed reporting as defined in Table 1 of the SAMREC Code for
significant operations or projects will be provided for Geita and
for the first-time Mineral Resource declaration for North Bullfrog.
For the remaining assets, the Company will continue to provide
the high-level of detail it has in previous years to comply with the
transparency requirements of the SAMREC Code.
Price assumptions
The Mineral Resource and Mineral Reserve are based on the use
of economic assumptions which provide a basis for establishing
the reasonable prospects of economic extraction for the Mineral
Resource, and for establishing the expected price for the Mineral
Reserve. These economic assumptions, which include long-range
commodity price, exchange rate forecasts, and management
estimates using a range of techniques including historic
price averages, are prepared in-house and reviewed annually.
AngloGold Ashanti selects a conservative Mineral Reserve
price relative to its peers. This is done to fit into its strategy of
including a margin in the mine planning process. The resultant
plan is then valued at a higher business planning price.
Gold price
The following gold prices were used as the basis for estimation, unless otherwise stated:
Mineral Reserve
2022
2021
Mineral Resource
2022
2021
Gold price
$/oz
Australia
AUD/oz
Brazil
BRL/oz
Argentina
ARS/oz
Colombia
COP/oz
Local prices of gold
1,400
1,200
1,750
1,500
1,919
1,633
2,416
2,072
7,830
6,182
9,401
7,940
208,000
134,452
253,500
173,065
4,261,380
3,849,000
6,076,725
5,336,250
Copper price
The following copper prices were used as the basis for estimation, unless otherwise stated:
Mineral Reserve
2022
2021
Mineral Resource
2022
2021
Local prices of
copper
Colombia
COP/lb
Copper price
$/lb
2.90
2.90
3.50
3.50
9,302
9,302
12,451
12,451
Mineral Resource
Gold
The AngloGold Ashanti gold Mineral Resource increased from 123.2Moz as at 31 December 2021 to 131.4Moz as at 31 December
2022. This annual net increase of 8.2Moz includes 5.1Moz in relation to the first-time reporting of the Mineral Resource for North
Bullfrog and Mother Lode (after the acquisition of Corvus Gold in January 2022) as well as Sterling including the Crown Block (after
the acquisition of Coeur Sterling in November 2022). Increases due to changes in economic assumptions of 2.7Moz and exploration
and modelling changes of 7.1Moz, were partially offset by depletion of 3.2Moz and other factors of 3.5Moz. The Mineral Resource was
estimated using a gold price of $1,750/oz, unless otherwise stated (2021: $1,500/oz).
Gold Mineral Resource — year-on-year changes
Mineral Resource as at 31 December 2021
North Bullfrog
Acquisitions
Sterling
Mother Lode
Sub-total
Depletions
Additions
Siguiri
Geita
Sunrise Dam
Silicon
AGA Mineração
Iduapriem
Other
Reductions
Obuasi
Sub-total
Due to:
Exploration success, minor model changes and the increase in the Mineral Resource
price
Exploration success and changes in methodology due to revised estimation
parameters, and refined ore wireframes as well as an increase in the Mineral Resource
price and decrease in costs
An increase in Mineral Resource price resulting in the newly optimised Cleo cutback,
exploration drilling activities and model methodology changes
Exploration success and a change in the Mineral Resource price
Exploration at Córrego do Sítio (CdS), Cuiabá and Lamego together with an increase in
the Mineral Resource price
Exploration from Blocks 7 and 8, and Block 3W and an increase in the Mineral
Resource price
Additions less than 0.5Moz
Sub-total
Due to:
An increase in cost which resulted in higher cut-off grades as well as the sterilisation
of stopes in the depletion process
Updating methodology changes after the acquisition including prices, costs and
updating modifying factors such as process recoveries
Reductions less than 0.5Moz
North Bullfrog (excluding
Acquisition)
Other
Mineral Resource as at 31 December 2022
Moz
123.2
2.5
0.9
1.7
128.3
(3.2)
125.1
3.2
2.3
1.1
0.8
0.8
0.7
0.9
134.9
(2.1)
(1.0)
(0.4)
131.4
Copper
The AngloGold Ashanti copper Mineral Resource remained unchanged at 4.26Mt (9,384Mlb) as at 31 December 2022. The Mineral
Resource was estimated using a copper price of $3.50/lb, unless otherwise stated (2021: $3.50/lb).
Copper Mineral Resource — year-on-year changes
Mineral Resource as at 31 December 2021
No changes
Quebradona
Due to:
Optimisation of the Feasibility Study (FS) is still ongoing and no
additional exploration has been completed
Mineral Resource as at 31 December 2022
Mt
4.26
—
4.26
Mlb
9,384
—
9,384
94
95
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Mineral Resource and Mineral Reserve – summary continued
Mineral Reserve
Gold
The AngloGold Ashanti gold Mineral Reserve increased from 29.8Moz as at 31 December 2021 to 30.4Moz as at 31 December 2022.
This annual net increase of 0.6Moz includes additions due to exploration and modelling changes of 2.8Moz, and changes in economic
assumptions of 1.0Moz. This increase was partially offset by depletion of 2.9Moz and reductions due to other factors of 0.3Moz. The
Mineral Reserve was estimated using a gold price of $1,400/oz, unless otherwise stated (2021: $1,200/oz).
Gold Mineral Reserve — year-on-year changes
Mineral Reserve as at 31 December 2021
Depletions
Additions
Geita
Siguiri
Kibali
AGA Mineração
Other
Reductions
Obuasi
Sub-total
Due to:
Ongoing exploration drilling success resulting in larger pit designs at Nyamulilima and
the first-time reporting of the Geita Hill underground Mineral Reserve, as well as an
increase in the Mineral Reserve price and reduced cost
The first-time reporting of Sorofe, Sanutinti, Kalamagna Mineral Reserve, exploration
infill drilling updates and the increase in the Mineral Reserve price combined with the
selection of a higher revenue factor shell at Kami and Foulata
The conversion of the 11000 lode in the Karagba, Chauffeur and Durba (KCD)
underground and growth in the Ikamva and Oere pits due to exploration successes
together with an increase in the Mineral Reserve price
Exploration and methodology changes together with an increase in the Mineral
Reserve price
Additions less than 0.3Moz
Sub-total
Due to:
Exploration as a result of infill drilling and an increase in mining cost and sustaining
capital
Reductions less than 0.3Moz
Other
Mineral Reserve as at 31 December 2022
Copper
The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) as at 31 December 2022. The Mineral
Reserve was estimated using a copper price of $2.90/lb, unless otherwise stated (2021: $2.90/lb).
Copper Mineral Reserve — year-on-year changes
Mineral Reserve as at 31 December 2021
No changes
Quebradona
Due to:
Optimisation of the FS is still ongoing and no additional exploration
has been completed
Mineral Reserve as at 31 December 2022
Mt
1.47
—
1.47
Moz
29.8
(2.9)
26.9
1.5
1.0
0.6
0.3
0.6
30.9
(0.3)
(0.2)
30.4
Mlb
3,250
—
3,250
Note:
The Mineral Resource, as reported, is inclusive of the Mineral Reserve component, unless otherwise stated. Mineral Resource and
Mineral Reserve estimates are reported as at 31 December 2022 and are net of 2022 production depletion. To reflect that figures
are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage, grade and content
for gold to two decimals and content for copper with no decimals. Previously AngloGold Ashanti elected to use the term “Ore
Reserve” in its reporting. While the term “Mineral Reserve” is used throughout the SAMREC Code, the SAMREC Code recognises
that the term “Ore Reserve” is synonymous with the term “Mineral Reserve”. The U.S. Securities and Exchange Commission (SEC)
also uses the term “Mineral Reserve” in Subpart 1300 of Regulation S-K (Regulation S-K 1300). AngloGold Ashanti has therefore
elected to use the term “Mineral Reserve” going forward to align itself with the terminology used in both the SAMREC Code and
Regulation S-K 1300.
By-products
Several by-products are expected to be recovered as a result
of processing of the gold Mineral Reserve and copper Mineral
Reserve. These include 0.29Mt of sulphur from Brazil, 21.9Moz
of silver from Argentina and 28.1Moz of silver from Colombia.
Molybdenum, at present, is not planned for recovery at
Quebradona. The Quebradona process plant has been designed
to treat underground ore and to produce copper concentrate
with provision of space in the plant site for a molybdenum plant
in the future.
Corporate governance
AngloGold Ashanti has an established Mineral Resource and
Mineral Reserve Leadership Team (RRLT) that is responsible for
setting and overseeing its Mineral Resource and Mineral Reserve
governance framework, and for ensuring that the Company’s
goals and objectives are met while complying with all relevant
regulatory codes.
The Audit and Risk Committee as well as the Investment
Committee of the Company’s Board of Directors (Board),
review the Mineral Resource and Mineral Reserve and make a
recommendation to the Board, which provides the final approval
for the publication of the Mineral Resource and Mineral Reserve
estimates.
AngloGold Ashanti has developed and implemented a rigorous
system of internal and external reviews aimed at providing
assurance in respect of Mineral Resource and Mineral Reserve
estimates. In 2022, the following operations and projects were
subject to an external review on the basis that each operation or
project will be reviewed by an independent third-party on average
once every three years:
• Mineral Resource and Mineral Reserve at Geita
• Mineral Resource and Mineral Reserve at Cerro Vanguardia
• Mineral Resource at North Bullfrog Project
External reviews of the Mineral Resource and Mineral Reserve
were conducted by SRK Consulting for Geita, by WSP Golder
for Cerro Vanguardia and by SLR International Corporation for
North Bullfrog. Certificates of sign-off were received for all
operations and projects audited to state that the applicable
Mineral Resource and Mineral Reserve estimates are reported in
accordance with the SAMREC Code.
In addition, numerous internal Mineral Resource and Mineral
Reserve process reviews were completed by suitably qualified
Competent Persons from within AngloGold Ashanti and no
significant deficiencies were identified. The Mineral Resource
and Mineral Reserve governance framework is underpinned
by appropriate Mineral Resource management processes and
protocols that ensure adequate corporate governance. These
procedures have been developed to be compliant with the guiding
principles of the U.S. Sarbanes-Oxley Act of 2002 (SOX).
AngloGold Ashanti makes use of a web-based Group reporting
database called the Resource and Reserve Reporting System
(RCubed) for the compilation and authorisation of Mineral
Resource and Mineral Reserve reporting. It is a fully integrated
system for the reporting and reconciliation of Mineral Resource
and Mineral Reserve that supports various regulatory reporting
requirements, including the SEC reporting requirements under
Regulation S-K 1300, and the JSE reporting requirements under
the SAMREC Code. AngloGold Ashanti uses RCubed to ensure a
documented chain of responsibility exists from the Competent
Persons at the operations to the Company’s RRLT.
AngloGold Ashanti has also developed an enterprise-wide risk
management tool that provides consistent and reliable data that
allows for visibility of risks and actions across the Group. This
tool is used to facilitate, control and monitor material risks to the
Mineral Resource and Mineral Reserve, thus ensuring that the
appropriate risk management and mitigation plans are in place.
If technical experts involved in the estimation of Mineral
Resource or Mineral Reserve feel that their technical advice has
been ignored and may represent a risk to the Mineral Resource
or Mineral Reserve to be published, they are obliged to inform
the RRLT in writing. In addition, AngloGold Ashanti’s “Speak-up”
programme can also be used if the technical experts deem they
may be compromised in the process.
Competent Persons
The information in this report relating to Exploration Results,
Mineral Resource and Mineral Reserve is based on information
compiled by or under the supervision of the Competent Persons
as defined in the SAMREC Code. All Competent Persons are
employed by AngloGold Ashanti, except for Kibali (the Competent
Person is employed by Barrick) and Gramalote (the Mineral
Resource Competent Person is employed by B2Gold). The
Competent Persons have sufficient experience relevant to the
style of mineralisation and type of deposit under consideration,
and relevant to the activity which they are undertaking. The
legal tenure of each operation and project has been verified
to the satisfaction of the accountable Competent Person. All
the Mineral Reserve has been confirmed to be covered by the
required mining permits or there exists a realistic expectation
that these permits will be issued. The Competent Persons’
consent to the inclusion of Exploration Results, Mineral Resource
and Mineral Reserve information in this report, in the form and
context in which it appears.
Accordingly, the Chairperson of the RRLT, Mrs TM Flitton, Master
of Engineering (Mining), Bachelor of Science (Honours, Geology),
RM SME, Pr.Sci.Nat (SACNASP), FGSSA, assumes responsibility
for the Mineral Resource and Mineral Reserve processes for
AngloGold Ashanti and is satisfied that the Competent Persons
have fulfilled their responsibilities. Mrs TM Flitton has 21
years’ experience in mining with 10 years directly leading and
managing Mineral Resource and Mineral Reserve reporting. She
is employed full-time by AngloGold Ashanti and can be contacted
at the following address: 112 Oxford Road, Houghton Estate,
Johannesburg, 2198, South Africa.
A detailed breakdown of our Mineral Resource and Mineral
Reserve and backup detail is available on the AngloGold Ashanti
website .
The full comprehensive may be accessed at:
reports.anglogoldashanti.com.
96
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Mineral Resource and Mineral Reserve – summary continued
Mineral Resource by region, inclusive of Mineral Reserve (attributable)
Gold
Mineral Resource by region, exclusive of Mineral Reserve (attributable)
Gold
as at 31 December 2022
Africa
Americas
Australia
Projects
AngloGold Ashanti
Copper
as at 31 December 2022
Projects
AngloGold Ashanti
Category
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Category
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Tonnes
million
56.67
470.16
201.72
728.56
24.08
63.74
62.07
149.90
60.86
52.72
55.43
169.02
139.78
1,390.19
682.59
2,212.56
281.39
1,976.82
1,001.82
3,260.03
Tonnes
million
86.74
227.33
305.94
620.02
86.74
227.33
305.94
620.02
Grade
g/t
3.14
2.18
3.01
2.49
4.28
3.08
3.58
3.48
1.47
1.85
2.25
1.85
0.47
0.76
0.46
0.65
1.55
1.20
1.27
1.25
Grade
%Cu
0.95
0.87
0.48
0.69
0.95
0.87
0.48
0.69
Contained gold
Tonnes
177.73
1,024.96
607.95
1,810.64
103.10
196.26
222.03
521.39
89.73
97.47
124.88
312.08
65.82
1,061.64
314.29
1,441.76
436.37
2,380.35
1,269.15
4,085.87
Moz
5.71
32.95
19.55
58.21
3.31
6.31
7.14
16.76
2.88
3.13
4.01
10.03
2.12
34.13
10.10
46.35
14.03
76.53
40.80
131.36
Contained copper
Tonnes million
0.82
1.97
1.47
4.26
0.82
1.97
1.47
4.26
Pounds million
1,814
4,338
3,231
9,384
1,814
4,338
3,231
9,384
as at 31 December 2022
Africa
Americas
Australia
Projects
AngloGold Ashanti
Copper
as at 31 December 2022
Projects
AngloGold Ashanti
Category
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Category
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Tonnes
million
11.14
259.42
201.72
472.29
16.88
41.41
61.85
120.13
38.85
30.58
55.36
124.79
98.19
1,249.97
682.59
2,030.75
165.06
1,581.38
1,001.52
2,747.97
Tonnes
million
45.15
148.91
305.94
500.01
45.15
148.91
305.94
500.01
Grade
g/t
4.23
1.93
3.01
2.44
4.20
2.77
3.57
3.39
1.44
1.58
2.25
1.84
0.40
0.77
0.46
0.65
1.29
1.03
1.27
1.13
Grade
%Cu
0.69
0.68
0.48
0.56
0.69
0.68
0.48
0.56
Contained gold
Tonnes
47.19
499.44
607.95
1,154.58
70.94
114.85
220.98
406.76
55.96
48.40
124.79
229.15
38.96
958.52
314.29
1,311.78
213.05
1,621.21
1,268.02
3,102.27
Moz
1.52
16.06
19.55
37.12
2.28
3.69
7.10
13.08
1.80
1.56
4.01
7.37
1.25
30.82
10.10
42.17
6.85
52.12
40.77
99.74
Contained copper
Tonnes million
0.31
1.01
1.47
2.78
0.31
1.01
1.47
2.78
Pounds million
684
2,218
3,231
6,134
684
2,218
3,231
6,134
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Mineral Resource and Mineral Reserve – summary continued
Exploration and planning for the future
Mineral Reserve by region (attributable)
Gold
Category
Proved
Probable
Total
Proved
Probable
Total
Proved
Probable
Total
Proved
Probable
Total
Proved
Probable
Total
Category
Proved
Probable
Total
Proved
Probable
Total
Tonnes
million
50.54
213.89
264.43
8.16
23.64
31.80
21.96
22.30
44.26
—
181.81
181.81
80.66
441.64
522.29
Tonnes
million
—
120.01
120.01
—
120.01
120.01
Grade
g/t
2.37
2.43
2.42
3.39
2.79
2.94
1.54
2.15
1.85
—
0.71
0.71
2.25
1.73
1.81
Grade
%Cu
—
1.23
1.23
—
1.23
1.23
Contained gold
Tonnes
120.00
520.44
640.45
27.64
65.88
93.53
33.88
47.88
81.76
—
129.98
129.98
181.53
764.18
945.71
Moz
3.86
16.73
20.59
0.89
2.12
3.01
1.09
1.54
2.63
—
4.18
4.18
5.84
24.57
30.41
Contained copper
Tonnes million
—
1.47
1.47
—
1.47
1.47
Pounds million
—
3,250
3,250
—
3,250
3,250
as at 31 December 2022
Africa
Americas
Australia
Projects
AngloGold Ashanti
Copper
as at 31 December 2022
Projects
AngloGold Ashanti
l
i
z
a
r
B
,
e
d
n
a
r
G
a
r
r
e
S
Our greenfields exploration programmes are designed to
discover new Mineral Resource that will ultimately lead
to the development of new, stand-alone gold mines and
support the sustainability of our business.
Greenfields exploration
In 2022, $29m was spent on greenfields exploration. Our
greenfields exploration tenements cover over 9,500km2 of highly
prospective ground in six countries – Australia, Argentina, Brazil,
Guinea, Tanzania, and the United States.
The Silicon and Merlin prospects in Nevada were handed over
to our Beatty project team, following which the greenfields
exploration team refocused its efforts on the discovery of the
next significant project to add to the AngloGold Ashanti portfolio.
Americas
In the United States, following the handover of the Silicon
discovery to the Beatty Project team in the first quarter of 2022,
the greenfields exploration function shifted its focus to seven,
100%-owned, earlier-stage greenfields projects located elsewhere
in the Great Basin of Nevada. Work completed at these various
projects included prospect mapping, surface sampling and
geophysical surveys. Diamond drilling is planned for the Midnight
Star and CR projects during 2023.
In Brazil, 1,330 stream sediments, 1,200 soil samples and 1,060
rock chip samples were collected. From the SBB terrane in the
state of Minas Gerais, four districts have been identified by
stream sediment sampling. Infill sampling is in progress to define
projects in these districts. At the WBC terrane, which is located
in the state of Matto Grosso do Sul to the south-west of Minas
Gerais, one project has been advanced and will be considered for
drilling in 2023.
In Argentina, an option agreement was signed with Latin Metals
for the Organullo project in Salta Province. Work completed
since June 2022 included soil sampling, mapping, acquisition of
various spectral data sets and community engagement. At the
100%-held El Cori project, four drilling targets were identified from
surface exploration.
Africa
In Guinea, we received six reconnaissance permits for the Shira
district in the Siguiri Basin of Guinea. Community engagement
work has started and field exploration is scheduled for the first
quarter of 2023.
In Tanzania, target generation activities continued.
Australia
In Australia, we carried out exploration work in the Laverton
District and, in Queensland, greenfields exploration took place at
the Chillagoe and Georgetown projects.
Brownfields exploration
In the Beatty District, brownfields exploration continued at North
Bullfrog and successfully defined and expanded the Silicon and
Merlin targets. Elsewhere across our operations, exploration
continued to add confidence to the mine plans by upgrading the
Mineral Resource and to the search for new Mineral Resource
with a high likelihood for conversion to Mineral Reserve.
In 2022, our brownfields exploration teams across the globe
completed 799km of capital and 358km of expensed drilling at
a cost of $79m and $67m respectively. Drilling started slowly at
a few operations but improved as the year progressed to almost
reach internal targets.
A
S
U
,
n
o
c
i
l
i
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Exploration and planning for the future continued
Value created, preserved, eroded
Brownfields exploration activities resulting in the most
notable economic intercepts, by operation, for 2022 are
listed below by region.
Africa
• Geita: The key area drilled was Geita Hill which is split
into six blocks. The drilling was conducted from both
surface and underground and was designed to upgrade
the underground project and to prepare for mining.
Other significant intercepts were drilled at Star and
Comet underground at Cut 3 and Ridge 8 extending
the potential of the underground complex at Star and
Comet. While drilling at the Nyamulilima open pit
expanded and further defined the mineralisation
• Obuasi: Drilling at Block 8, Block 10 and Sansu
continued to define the limits of mineralisation and
prepare these areas for mining. Late in the year, drilling
started at Cote D-Or examining the potential to open a
second mining area
• Siguiri: The key exploration activities were at Kounkoun
(Block 3) where infill and definition drilling continue as
part of the overall assessment of Block 3 as a future
mining area. Drilling to extend and define the known
mineralisation in Block 1 and 2 was conducted
• Kibali: Two notable drilling intercepts, at Mengu Hill and
Oere, were recorded during the year
Americas
• Cerro Vanguardia: Numerous veins were drilled and
later in the year emphasis moved to the northwest of the
property and onto the Condor ground
• AGA Mineração, CdS: Drilling of underground
opportunities at both CdS I and II delivered significant
intercepts at Sangue De Boi, Mutuca, Rosalino, Pinta
Bem and Pneu
• AGA Mineração, Cuiabá: Drilling to extend the depth
extents of Fonte Grande Sul below 21 level continued
while at a shallower depth drilling to define the satellite
ore bodies continued to deliver
A
S
U
• Serra Grande: One significant intercept, at Angicão, was drilled
during the year
In this segment:
Value created, preserved, eroded
CFO’s report and outlook
Financial review
Economic value distributed
Value distributed by stakeholder
P104
P112
P116
P118
• Beatty: Definition and infill drilling continued at Silicon and
Merlin in Nevada. Drilling at North Bull Frog started to deliver
later in the year
Australia
• Sunrise Dam: The key areas delivering significant intercepts
were Frankie and Vogue as part of programmes designed to
define and extend mineralisation in these areas. As is typical
of the Sunrise Dam mineralisation, most drilling programmes
drilled significant intercepts which reflect the nuggety nature of
the mineralisation
• Tropicana: Successful drilling was aimed at the three
underground projects, namely, Boston Shaker, Havana and
Tropicana
While many of the significant economic intersections are for
unmined underground opportunities, Nevada is delivering
significant intersections that will most likely be excavated
through open pit mining.
OUTLOOK
In 2023:
• Greenfields exploration will continue to concentrate
on discovering the next standalone mine in one of the
jurisdictions in which we operate
• Brownfields exploration will work to further the definition
of the new greenfields project’s Mineral Resource. At
business unit level, exploration will continue to focus on
the upgrading of those high-value targets which have
the greatest probability of being added to the portfolio.
To aid this objective, work will also continue on the
enhancement of the brownfields portfolio management
system developed in 2022
,
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
CFO’s report and outlook
“2022 can be characterised
by significant macro-
economic volatility and
inflationary pressure,
stability in operational
performance and a focus on
aspects that we control”.
Gillian Doran
Chief Financial Officer
The Group’s performance reflected an underlying cash cost
improvement relative to its peer group despite significant
inflationary pressure – a clear demonstration of its
continued progress to recover cost competitiveness.
Following a challenging 2021, AngloGold Ashanti saw an
improved operational and financial performance in 2022 against
the backdrop of significant inflationary pressure, which impacted
the full cost base including contractor labour and services.
Inflation increased significantly in 2022, the highest that many
countries experienced in decades.
Supply chains also experienced disruptions related to factors
mainly impacted by the war in Ukraine and the lingering effects
of the COVID-19 pandemic. The business worked proactively to
mitigate the impact of inflation on its cost structure through the
continued integration of its new Operating Model, the existing
Operational Excellence programme and the Full Potential (FP)
Programme launched during 2022.
Overall, the Company achieved its production, all-in sustaining
costs (AISC) and total capital guidance. Total cash costs were
less than 1% or $9/oz above the top end of guidance given the
high global inflation rates throughout the year.
A final dividend of ~18 US cents per share ($75m) was declared,
taking the gross dividend for the year to ~47 US cents per
share ($194m). The balance sheet remains in a solid position,
with approximately $2.5bn in liquidity, including cash and cash
equivalents of approximately $1.1bn, at the end of 2022.
Financial results for the year included:
• Profit attributable to equity shareholders decreased to $297m
from $622m in 2021, after impairments of $246m (net of tax)
• Total cash costs of $1,024/oz for 2022, an increase of 6% from
$963/oz in 2021
• All-in sustaining costs (AISC) of $1,383/oz compared to
$1,355/oz in 2021, an increase of 2%, reflects the increase in
total cash costs impacted by inflationary pressures
• Net cash inflow from operating activities increased by
42% to $1,804m in 2022, from $1,268m in 2021 despite a
marginally lower gold price
• Free cash flow of $657m in 2022, compared to the $104m in
2021, includes a significant cash lock up release at the Kibali
joint venture in the DRC
• Adjusted net debt of $878m at the end of 2022; adjusted net
debt to adjusted EBITDA ratio of 0.49 times
Strategic priorities
The key financial indicators by which the Company measures
shareholder value creation remains production, AISC, normalised
cash return on equity (nCROE), and absolute and relative total
shareholder return (TSR) (see Rewarding delivery). Production
and AISC targets are measured on an annual basis, while the
nCROE and TSR targets are measured on a three-year trailing
average basis. In meeting these targets, the Company focuses
on three strategic priorities: production and cost performance to
optimise margins; improve balance sheet strength and preserve
liquidity; and free cash flow generation – while applying a
disciplined capital allocation framework.
Production and cost performance to optimise margins
Production and cost metrics
Production (000oz)
Costs
All-in sustaining costs ($/oz)
Total cash costs ($/oz)
2022 Guidance
2,550 - 2,800
1,295 - 1,425
925 - 1,015
2022
2,742
1,383
1,024
2021
2,472
1,355
963
Despite inflationary headwinds, margins remain healthy and
reflect the Company’s ability to generate sustainable cash flow.
Margins
Total cash costs
All-in sustaining costs
Year ended
Year ended
2022
43%
23%
2021
46%
25%
The Group’s cost performance in 2022 reflects the impact of
increases in oil and commodity prices, labour and contractor
costs, and higher royalty costs due to higher ounces sold. These
increases were partly offset by improved grades and favourable
inventory and exchange rate impacts.
Margins slightly narrowed in 2022, resultant of inflationary
pressures experienced and a slightly lower gold price received
($1,793/oz vs. $1,796/oz in 2021).
Our overall focus remains on improving our operational
performance, underpinned by the introduction of the new
Operating Model, continued cost discipline and the Full Potential
Programme launched in 2022.
Cost performance reflecting inflationary impacts
Total cash costs 2022 vs 2021
($/oz)
Non-controllable factors
120
5
1,067
963
(21)
(60)
(41)
(18)
-4%
Controllable factors
9
6
13
43
5
1,024
1,300
1,200
1,100
1,000
900
800
700
600
500
Dec 21
Exchange
Inflation
Royalty
costs
Total
Grade
Stockpile
and gip
Acquired
By-
products
Extreme
weather
Volume
Activity
change
Other
Dec 22
All-in sustaining costs * 2022 vs 2021
($/oz)
1,600
1,500
1,400
1,300
1,200
1,100
1,000
1,355
1,037
61
3
4
3
1,383
(16)
(27)
Dec 21
Rehabilitation
Total sustaining
capex
Total cash
cost
Sustaining
exploration
Finance lease
payment sustaining
Other
Dec 22
* World Gold Council Standard
Total cash costs per ounce were $1,024/oz for the year ended
31 December 2022 compared with $963/oz for the year ended
31 December 2021. Total cash costs per ounce were higher year-
on-year mainly due to increases in oil and commodity prices, and
labour and contractor costs. Total cash costs per ounce were
also impacted by activity changes and higher royalty costs due to
higher ounces sold. This increase in total cash costs per ounce
was partly offset by improved grades and favourable inventory
and exchange rate impacts.
AISC was $1,383/oz for the year ended 31 December 2022
compared with $1,355/oz for the year ended 31 December 2021.
AISC was marginally higher mainly due to higher cash costs,
partly offset by higher gold sold. AISC in 2022 includes a $31/oz
impact relating to the Brazilian TSF compliance programme,
compared to an estimated impact of $55/oz in 2021.
Basic earnings (profit attributable to equity shareholders) for the
year ended 31 December 2022 were $297m, or 71 US cents per
share, compared with $622m, or 148 US cents per share, for the
year ended 31 December 2021. Basic earnings were lower year-
on-year mainly due to the impact of the impairments recognised
at the Córrego do Sítio (CdS) mining complex ($151m, net of
taxation), the Cuiabá mining complex ($57m, net of taxation)
and the Serra Grande mine ($38m, net of taxation) in Brazil, as
well as higher operating and exploration costs, higher finance
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 CFO’s report and outlook continued
costs and foreign exchange losses, lower by-product revenue,
and lower equity-accounted joint venture income. These effects
were partially offset by higher gold sold, lower tax expenses and
a reduction in the care and maintenance expenditure at Obuasi as
compared to 2021, as well as a premium on settlement of bonds
and once-off retrenchment costs with the implementation of the
new Operating Model, which did not recur in 2022.
Headline earnings for the year ended 31 December 2022 were
$544m, or 129 US cents per share, compared with $612m, or
146 US cents per share, for the year ended 31 December 2021
and reflects the same impacts as noted for basic earnings,
except for the impairments recognised in Brazil.
Adjusted earnings before interest, tax, depreciation and
amortisation (adjusted EBITDA) for the year ended 31 December
2022 was $1.797bn compared with $1.801bn for the year ended
31 December 2021. Adjusted EBITDA was marginally lower
year-on-year mainly due to higher operating and exploration
costs, lower by-product revenue, and lower equity-accounted joint
venture income, partially offset by higher gold sold.
Adjusted net debt increased by 19% from $740m at 30 June
2022 to $878m at 31 December 2022, and on a year-on-year
basis increased 15% from $765m at 31 December 2021. The
ratio of adjusted net debt to adjusted EBITDA was 0.49 times at
31 December 2022 from 0.42 times at 31 December 2021. The
Company remains committed to maintaining a strong balance
sheet with an Adjusted net debt to Adjusted EBITDA target ratio
not exceeding 1.0 times through the cycle.
At 31 December 2022, the balance sheet remained robust, with
strong liquidity comprising the US$1.4bn multi-currency RCF
of which $1.36bn was undrawn, and the South African R150m
($9m) RMB corporate overnight facility which was undrawn,
while the $150m Geita RCF and the new $65m Siguiri RCF (put
in place during October 2022 following the cancellation of the
$65m Siguiri RCF in August 2022 after full repayment ($35m))
were fully drawn. At 31 December 2022, the Company had a
cash and cash equivalent balance of approximately $1.1bn,
taking overall Group liquidity to approximately $2.5bn.
Credit ratings remained unchanged at investment grade from
Moody’s (Baa3, stable outlook) and Fitch (BBB-, stable outlook
changing to negative outlook). The Standard & Poor’s rating
remained one notch below investment grade (BB+, stable outlook).
Cash lock-ups continue to improve - down 56% since peak:
Free cash flow generation
Net cash inflow from operating activities increased by 42%
year-on-year to $1,804m for the year ended 31 December 2022,
compared to $1,268m for the year ended 31 December 2021.
This increase was mainly due to higher gold sold, lower cash
taxes and higher dividends received from joint ventures, partly
offset by higher cash costs, working capital outflows, and the
marginal lower gold price received.
The Company recorded free cash flow of $657m for the year
ended 31 December 2022, compared to free cash flow of $104m
for the year ended 31 December 2021. Free cash flow was mainly
impacted by higher net cash inflow from operating activities.
AngloGold Ashanti received cash distributions of $74m from the
Kibali joint venture in the fourth quarter of 2022. Cumulative cash
distributions received from Kibali for the year ended 31 December
2022 were $694m. At 31 December 2022, the Company’s
attributable share of the outstanding cash balances from the DRC
was $40m, which was down from $499m at 31 December 2021.
Significant progress was made in 2022 to release cash of $468m
from a balance of $872m at the end of 2021 to give a balance of
$404m at the end of 2022. Free cash flow in 2022 continued to
be impacted by lock-ups of value added tax (VAT) at Geita and
Kibali, and foreign exchange restrictions and export duties at
Cerro Vanguardia:
• In Tanzania, at Geita, net overdue recoverable VAT input credit
refunds (after discounting provisions) increased by $11m
during 2022 to $153m from $142m at 31 December 2021,
as a result of new claims submitted and foreign exchange
adjustments, partly reduced by offsetting verified VAT claims
against corporate tax payments and additional discounting.
The Company plans to continue offsetting verified VAT claims
against corporate taxes
• In the DRC, at Kibali, the Company’s attributable share of the
net recoverable VAT balance (including recoverable VAT on fuel
duties and after discounting provisions) increased by $13m
during 2022 to $86m from $73m at 31 December 2021
• In Argentina, at Cerro Vanguardia, the Company recorded
a $10m decrease in the net export duty receivables (after
discounting provisions) during 2022 to $9m from $19m at
31 December 2021
• Cerro Vanguardia’s cash balance decreased by $23m
(equivalent) during 2022 to $116m (equivalent) from $139m
Cash lock-ups
$790m
25
137
139
65
424
1,000
900
800
700
600
500
400
300
200
100
0
$878m
23
151
144
75
$908m
23
147
152
74
$831m
23
125
150
72
L
461
485
512
$872m
19
139
142
73
499
$637m
20
151
155
79
232
$431m
$435m
16
149
148
77
41
14
146
144
81
50
-56%
$404m
9
116
153
86
40
(equivalent) at 31 December 2021. The cash balance is
available for operational requirements and to be paid to
AngloGold Ashanti’s offshore ($105m (equivalent)) and
onshore ($15m (equivalent)) investment holding companies in
the form of declared dividends.
An application to release $54m (equivalent), under a special
regime established for dividend payments in 2022, was
submitted to the Argentinian Central Bank during the third
quarter of 2022. In December 2022, the Argentinian Central
Bank approved, based on the applications submitted under
this special regime, the payment of $18m (equivalent) to
AngloGold Ashanti
Free cash flow results are used in the determination of the
Company’s achievement of nCROE, a measure of how much
cash is generated by the Company for each US dollar of equity in
issue. Cash generated is adjusted for once-off, abnormal items to
achieve a normalised cash flow. This is then compared against a
US dollar cost of equity (USD COE), which is calculated using an
external financial model and is not Company specific.
Capital allocation framework
Our capital allocation approach continues to be robust and
focused on delivering optimal financial performance, maintaining
asset health for the long term, returning cash to shareholders and
investing in the most value accretive growth options.
Capital distribution in 2022
INFLOWS
OUTFLOWS
Net taxes paid
$134m
Cash from operations
$1,244m
Other income
• • Dividends from joint
ventures $694m
• • Interest received $81m
• • Other dividends $18m
• • Other movements $15m
Total: $808m
Finance costs and other
borrowings
• • Finance costs $132m
• • Lease liabilities $82m
Total: $214m
Sustaining capex
Including Ore Reserve
development and stripping
capex: $708m (1)
TOTAL INFLOWS
TOTAL OUTFLOWS
$2,052m
$1,056m
(1) Excludes joint ventures
m
6
9
9
$
:
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F
Free cash flow generated by the business is applied in a balanced
manner to the four pillars of our capital allocation strategy, in
order of allocation:
• Sustaining capital expenditure to prioritise Mineral
Reserve growth
• Maintaining a strong and solid balance sheet to provide
optionality and flexibility through the cycle
• Return of value to shareholders through the dividend policy
• Self-funding any major growth capital projects
In 2022, we generated $1.2bn of cash from operations and
received $694m of dividends from Kibali, our joint venture. After tax
payments and financing costs, we invested $708m * (57% of our
cash from operations) in sustaining capital, to fund Ore Reserve
Development (ORD), waste stripping and tailings compliance.
We self-funded our growth capital incurred in 2022 of $320m *.
The strategy of improving operating flexibility through investment
in ORD and Mineral Reserve expansion at sites with high
geological potential is expected to continue in 2023.
* Excluding equity-accounted joint ventures
Balance sheet strength
• Adjusted net debt to adjusted
EBITDA
0.49x
Returns to shareholders
• Dividends
$194m
Growth and investment
• Key project investments including;
• Corvus – $365m
• Coeur – $152m
• Other growth capital $339m
$856m
Our capital allocation framework enforces a disciplined and focused approach to value creation through effective
management and without placing undue financial or operating risk on the business
Q2 2021
(cid:31)DRC – cash (cid:31) DRC – VAT (cid:31) Tanzania – VAT (cid:31) Argentina – cash (cid:31) Argentina – export duties
Q4 2021
Q3 2021
Q1 2021
Q4 2020
Q1 2022
Q2 2022
Q3 2022
Q4 2022
106
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
CFO’s report and outlook continued
Capital expenditure (including equity-accounted joint ventures)
Total ($m)
Sustaining capex ($m)
Non-sustaining capex ($m)
2022
1,118
779
339
2021
1,100
778
322
Revised
guidance
1,050 – 1,150
770 – 810
280 –340
Capital expenditure on waste stripping at Tropicana (Havana) and
Iduapriem (Cut 2) continued to progress through 2022. At Geita,
the underground portal development at Geita Hill East progressed
according to plan and mining operations continued to ramp up
at the Nyamulilima open pit. In Brazil, the Company continued its
investment to convert existing TSFs to dry-stack facilities at all
mine sites, in a market characterised by increased competition
for skills and engineering resources due to the COVID-19
pandemic and the industry-wide requirements to meet regulatory
deadlines relating to TSFs.
Total capital expenditure (including equity-accounted joint
ventures) increased by 2% year-on-year to $1.12bn in 2022,
compared to $1.10bn in 2021. Total sustaining capital
expenditure increased to $779m in 2022, from $778m in
2021, which includes $83m for the Brazilian TSF compliance
programme. Total non-sustaining (growth) capital expenditure
increased to $339m in 2022 from $322m in 2021. The strategy of
improving operating flexibility through investment in Ore Reserve
development and Mineral Reserve expansion at sites with high
geological potential is expected to continue.
As we continue to allocate capital to this important exploration
and development programme, in addition to increased capital
expenditure on tailings storage facilities (TSF) (mainly in Brazil
to comply with new legal requirements), sustaining capital
expenditure is expected to remain at current levels between 2023
and 2024.
(Refer to Maintain long-term optionality for an update on capital
projects.)
Shareholder returns
Free cash flow before growth capital, our dividend metric, was
$996m (2021: $426m). Our dividend policy remains 20% of free
cash flow, before growth capital, paid bi-annually. In line with
this policy, our Board approved a final dividend of 18 US cents a
share ($75m), based on free cash flow generated in the second
half of 2022, payable in March 2023. The declaration and
payment of the final dividend resulted in a total dividend, based
on the financial performance in 2022, of 47 US cents per share
($194m), following an interim dividend of 29 US cents per share
($119m) declared and paid in August 2022.
Despite the challenging year, the Company has demonstrated
its ability to balance the competing capital needs of the
business with delivery on key objectives against the backdrop of
leadership change, and amidst the inflationary environment in
which it operated.
Capital expenditure to sustain and develop our business
Capital expenditure ($/oz) from continuing operations
2020 (1)
174
104
2021
2022
310
283
128
125
0
100
200
300
400
500
(cid:31) Sustaining (cid:31) Non-sustaining
(1) Restated for IAS 16 “Property, Plant and Equipment – Proceeds before Intended
Use”, effective 1 January 2022
Delivery against 2022 financial objectives
1. Achieve guidance in all metrics
• Production, AISC and Total Capital expenditure guidance met
• Total cash costs ended 1% or $9/oz above the top end of guidance against a backdrop of heightened levels of inflationary
pressure
2. Achieve Obuasi ramp-up target – move to steady state operations – progress Phase 3
• Phase 2 of Obuasi Project was completed and went into commercial production on 1 October 2022
• Phase 3 of the Obuasi redevelopment project, which relates principally to extended capital expenditure to refurbish existing
infrastructure around the KMS Shaft, as well as to service the mine in deeper production areas, continues to progress and is
expected to continue as planned through to the end of 2023
3. Continue reinvestments across the portfolio – continue to grow Mineral Reserve, net of depletion
• Capital expenditure on waste stripping at Tropicana (Havana) and Iduapriem (Cut 2) continued to progress through 2022
• At Geita, the underground portal development at Geita Hill East progressed according to plan and mining operations
continued to ramp up at the Nyamulilima open pit
• In Brazil, the Company continued its investment to convert existing TSFs to dry-stack facilities at all mine sites, in a market
characterised by increased competition for skills and engineering resources due to the COVID-19 pandemic and the
industry-wide requirements to meet regulatory deadlines relating to TSFs
• The strategy of improving operating flexibility through investment in Ore Reserve development and Mineral Reserve
expansion at sites with high geological potential is expected to continue
4. Embed Operating Model redesign
• The operating model redesign was successfully completed with the bulk of the roll out occurring in 2022
5. Initiation of the Full Potential Programme
• The FP assessments have been completed at six operations of the Company, where the relevant site leadership teams have
taken full accountability for the delivery on these initiatives
• The first site to complete an assessment was Sunrise Dam, in Australia, where the biggest opportunity is to increase
productivity in development and achieve a step-change in underground production
• The second site to complete an assessment was Siguiri, in Guinea, where the leadership team’s focus is mainly on
increasing the volume of high-grade oxide ore from Block 2
• The assessments continued during the second half of 2022, and Cuiabá, Tropicana, Serra Grande and Geita all completed
assessments to identify performance improvement initiatives
√ Objective met √ Objective partly met or ongoing
√
√
√
√
√
108
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 CFO’s report and outlook continued
Looking ahead to 2023
Guidance and indicative outlook
Production (000oz)
Costs
Capital expenditure
Overheads
Depreciation and amortisation ($m)
Interest and finance costs ($m) – income statement
Other operating expenses ($m)
(1) Excludes Cuiabá Mine Complex
All-in sustaining costs ($/oz)
Total cash costs ($/oz)
Total ($m)
Sustaining capex ($m)
Non-sustaining capex ($m)
Corporate costs ($m)
Expensed exploration and study
costs ($m)
Cuiabá 2023
Guidance
180 (2)
1,396
2023 (1)
Guidance
2,450 – 2,610
1,405 – 1,450
1,050 – 1,120
960 – 1,070
680 – 760
280 – 310
85 – 95
210 – 240
600 – 680
125 – 135
55 – 65
(2) AngloGold Ashanti expects that the Cuiabá Mine Complex will continue to extract gold from the gravity circuit at a rate of 5,000oz on average per month and will
produce gold in concentrate at an average of approximately 10,000oz per month, with options being assessed to sell gold concentrate until the Queiroz plant resumes
operation
Economic assumptions for 2023 are as follows: Currency and commodity assumptions
A$/$ exchange rate
$/BRL exchange rate
$/ARS exchange rate
$/R exchange rate
Oil ($/bbl)
2023
0.71
5.4
260
17
83
Cost and capital forecast ranges are expressed in nominal terms. In addition, estimates assume neither operational or labour
interruptions (including any further delays in the ramp-up of the Obuasi redevelopment project), or power disruptions, nor further
changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti’s external auditors. Other
unknown or unpredictable factors, or factors outside the Company’s control, including inflationary pressures on its cost base, could
also have material adverse effects on AngloGold Ashanti’s future results and no assurance can be given that any expectations
expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti’s operations together with
AngloGold Ashanti’s business continuity plans aim to enable its operations to deliver in line with its production targets. The Company,
however, remains mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities
may take in response to it, are largely unpredictable and therefore no incremental additional impact is included in the cost and
capital forecast ranges. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk
Factors section in AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2022 filed with the United States
Securities and Exchange Commission (SEC).
Sensitivities on key economic metrics based on budgeted economic assumptions for 2023 are as follows:
Sensitivity*
10% change in the oil price
10% change in local currency
$100/oz change in the gold price
50koz change in production
Total cash costs ($/oz)
5
44
4
19
* All the sensitivities based on $1,650/oz gold price and assumptions used for guidance.
AISC ($/oz)
5
60
4
26
Cash from operating activities
before taxes for 2023 ($m)
14
148
271
80
Governance
Materiality
The related material financial matter identified in our materiality
assessment process is: Ensuring the safety and integrity of our
tailings storage facilities (Capital expenditure on dry stacking and
buttressing). See Focusing on our material issues in the .
Oversight
Governance of our financial performance and reporting is
overseen and monitored by the Audit and Risk Committee, on
behalf of the Board. See Corporate governance for further detail
on this.
External audit rotation
At the May 2022 Annual General Meeting the resolution for the
appointment of Pricewaterhouse Coopers Inc (PwC) as external
auditors of the Group with effect from 1 January 2023 was
approved by shareholders. Transition activities between PwC and
Ernst & Young Inc (EY) have begun and are ongoing. I would like
to express my gratitude to the global EY team for the professional
services rendered to AngloGold Ashanti over their tenure.
Financial risk management
Details of our financial risk management exposures can be found
in Group note 33 of the .
Priorities for 2023
Our financial priorities for 2023 are:
• Achieve guidance on all metrics – continue to focus
on cost discipline, improving the competitiveness of
our business
• Continue reinvestments across the portfolio –
continue to grow Mineral Reserve, net of depletion
• Ensuring our assets embed the Full Potential
Programme, delivering sustainable business
improvements to support the long-term health and
progress of our assets
• Continue the execution of our decarbonisation
strategy and reduction of greenhouse gas emissions
of 30% by 2030 via renewable energy projects
throughout the operations
Achieving these milestones will position the Company
favourably to achieve its longer-term goals, thereby
underpinning an industry competitive return to
shareholders.
Acknowledgment
I wish to record my gratitude to the broader finance team across the Group which includes the regional finance teams, financial
reporting, tax, treasury, global supply chain and internal audit functions. Our strong balance sheet, robust financial systems and sound
internal control environment enable proactive risk management and well informed business decisions. This would not be possible
without the calibre and dedication of individuals within our finance team.
A very special thank you to Ian Kramer, who stood in as interim CFO for a period of six months during the reporting period, for his
exemplary leadership, steady hand and impeccable professionalism.
Gillian Doran
Chief Financial Officer
15 March 2023
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Financial review
Three-year summaries
Summarised group financial results – income statement
US dollar millions
Continuing operations
Restated (1)
2022
2021
2020
Revenue from product sales
4,501
4,029
4,595
Cost of sales
Loss on non-hedge derivatives and
other commodity contracts
Gross profit
Corporate administration, marketing
and related expenses
Exploration and evaluation costs
Impairment, derecognition of assets
and profit / (loss) on disposal
Other (expenses) income
Operating profit
Interest income
Dividends received
Foreign exchange and fair value
adjustments
Finance costs and unwinding of
obligations
Share of associates and joint ventures'
profit
Profit before taxation
Taxation
Profit for the year from continuing
operations
Discontinued operations
Profit from discontinued operations
Profit for the year
Allocated as follows:
Equity shareholders
- Continuing operations
- Discontinued operations
Non-controlling interests
- Continuing operations
(3,362)
(2,857)
(2,829)
(6)
1,133
(79)
(205)
(304)
(26)
519
81
—
(128)
(149)
166
489
(173)
316
—
316
297
—
19
316
—
1,172
(73)
(164)
11
(136)
810
58
—
(43)
(116)
249
958
(312)
(19)
1,747
(68)
(124)
(1)
(57)
1,497
27
2
—
(177)
278
1,627
(625)
646
1,002
—
646
7
1,009
622
—
24
646
984
7
18
1,009
(1) Comparative periods have been restated due to the initial application of the amendment to IAS 16
“Property, Plant and Equipment – Proceeds before Intended Use” on 1 January 2022.
Revenue from product sales increased by
12% over 2021 predominantly as a result
of higher ounces sold (234koz) partially
offset by lower silver revenue and a marginal
decline in the gold price received ($1,793/oz
in 2022 vs. $1,796/oz in 2021).
Cost of sales increased by 18% largely as
a result of higher cash operating costs
($394m) and an increase in amortisation
expenses ($156m) commensurate with the
higher gold production profile. This was
partially alleviated by lower rehabilitation
charges ($38m) resultant of the increase
in the risk free rate which positively
contributed to the rehabilitation change in
estimate at majority of the operations. The
cash operating cost variance constitutes
approximately 80% of the total cost of sales
variance, mainly the result of inflationary
challenges and pressures on mining
contractors, power, labour, fuel, consumable
stores and services.
Exploration and evaluation costs increased
by $41m from 2021 primarily due to an
increase in pre-feasibility studies at North
America. This was slightly offset by lower
brownfields and greenfields exploration
expenditure across most operations.
Impairments of $304m were processed in
2022 at the Córrego do Sítio (CdS) mining
complex ($189m), the Cuiabá mining
complex ($70m) and the Serra Grande mine
($45m) in Brazil.
Other expenses at $26m reduced by $110m
from the $136m in 2021. The reduction
in costs year on year is due to higher
expenditure incurred in 2021, not recurring
in 2022, relating to: care and maintenance
expenditure at Obuasi following the
voluntary suspension of underground mining
operations in May 2021 ($45m), the premium
paid on the early bond settlement ($24m),
restructuring costs on the implementation
of the new Operating Model ($18m) as well
as movements relating to tailings and legacy
expenditure ($25m).
The taxation expense of $173m in 2022
decreased by 45% ($139m) compared to
2021. The variance is attributable to the
impairments in Brazil resulting in a decrease
in deferred tax recognised as well as lower
current tax on the back of lower earnings
and higher inflation at the majority of our
operations.
Summarised group financial results – statement of financial position
US dollar millions
Assets
Tangible, right of use and intangible
assets
Investments
Inventories
Cash and cash equivalents
Other assets
Total assets
Equity and liabilities
Total equity
Borrowings and lease liabilities
Provisions
Deferred taxation
Other liabilities
Restated
Restated
2022
2021 (1)
2020(1)
4,471
1,103
778
1,108
612
8,072
4,134
2,169
705
300
764
3,790
1,764
730
1,154
562
8,000
4,094
2,094
806
313
693
3,190
1,839
802
1,330
544
7,705
3,773
2,084
814
246
788
Total equity and liabilities
8,072
8,000
7,705
(1) Comparative periods have been restated due to the initial application of the amendment to IAS 16
“Property, Plant and Equipment – Proceeds before Intended Use” on 1 January 2022.
Tangible, right of use and intangible
assets at $4,471m increased by $681m
from the $3,790m in 2021. The increase is
predominantly attributable to tangible assets
additions ($1,028m), the Corvus acquisition
of mineral rights ($365m) and Coeur Sterling
acquisition ($152m). This was partly offset
by amortisation charges stemming from
all operations and the collective impact of
the Brazil impairments ($304m) on tangible
assets, leased assets and intangible assets.
Investments which include investments
in associates, joint ventures and other
investments, decreased by $661m from
$1,764m in 2021 to $1,103m in 2022 primarily
due to the net impact of equity earnings
and dividends received of the Kibali JV
(decrease of $541m) and the reclassification
of the Corvus investment to a subsidiary
subsequent to AngloGold Ashanti acquiring
the remaining 80.5% interest.
Cash and cash equivalents decreased by 4%
compared to 2021. The biggest contributors
to this variance was the asset acquisitions
of Corvus mineral rights ($365m in cash
consideration) and Coeur Sterling ($152m
cash consideration) as well as dividends
paid in 2022 ($203m). This was partly offset
by higher dividends received from the Kibali
JV which included the successful release of
cash lock-up in the DRC ($549m).
Borrowings and lease liabilities rose by 4%
($75m) to $2,169m compared to the 2021
base. The increase is primarily resultant
of higher drawdown on available facilities
at AngloGold Ashanti Holdings, AngloGold
Australia, Geita and Siguiri which was partially
offset by repayments towards borrowing
facilities.
a
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l
a
r
t
s
u
A
,
a
n
a
c
p
o
r
T
i
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Financial review continued
Summarised group financial results – statement of cash flows
US dollar millions
2022
2021
2020
Restated (1)
Cash flows from operating activities
Cash generated from operations
Dividends received from joint ventures
Net taxation paid
Net cash inflow from operating activities
from continuing operations
Net cash inflow from discontinued
operations
Net cash inflow from operating activities
Cash flows from investing activities
1,244
694
(134)
1,353
231
(316)
1,866
148
(431)
1,804
1,268
1,583
—
1,804
—
1,268
109
1,692
Capital expenditure
(1,028)
(1,027)
(739)
Net (payments) proceeds from acquisition
and disposal of subsidiaries, associates and
joint ventures
Net (payments) proceeds from disposal and
acquisition of investments, associate loans,
and acquisition and disposal of tangible
assets
Interest received
(Increase) decrease in cash restricted for use
Other
Net cash outflow from financing activities
from continuing operations
Net cash outflows from discontinued
operations
Cash in subsidiaries sold and transferred to
held for sale
(517)
2
28
(9)
81
(4)
16
5
58
14
8
215
27
(9)
(8)
(1,461)
(940)
(486)
—
—
—
—
Net cash outflow from investing activities
(1,461)
(940)
Cash flows from financing activities
Net proceeds (repayments) from borrowings
and lease liabilities
Finance costs and lease finance costs paid
Dividends paid
Net cash outflow from financing activities
Net increase (decrease) in cash and cash
equivalents
Translation
Cash and cash equivalents at beginning of
year
Cash and cash equivalents at end of year (2)
–
(120)
(203)
(323)
20
(68)
1,154
1,106
(61)
(155)
(240)
(456)
(128)
(48)
1,330
1,154
(1) Restated for IAS 16 “Property, Plant and Equipment – Proceeds before Intended Use”, effective
1 January 2022
(2) Cash and cash equivalents at the end of December 2022 is net of a bank overdraft of $2m.
Movements in working capital:
US dollar millions
(Increase) decrease in inventories
Increase in trade, other receivables and other assets
Increase in trade, other payables and provisions
a
n
a
h
G
,
i
s
a
u
b
O
2022
(54)
(149)
66
(137)
2021
58
(49)
44
53
2020
(83)
(163)
8
(238)
Inventory increase is attributable to
the build- up of ore stockpiles at Cerro
Vanguardia, Iduapriem and Geita as
well as the higher gold-in-process
at CdS following the temporary
suspension of tailings operations as
recommended by the National Mining
Agency.
The increase in trade, other receivables
and other assets is primarily due to
contractor prepayments at Geita and
Obuasi as well as higher export duties
and VAT payments in Cerro Vanguardia.
Trade, other payables and provisions
increased mainly due to higher trade
creditors, contractor accruals and
timing of payments for the Obuasi
Phase 3 Redevelopment project as
well as mining contractor and Beposo
Tailing Storage Facility construction
costs at Iduapriem.
(31)
3
(514)
(131)
(151)
(47)
(329)
849
25
456
1,330
Free cash flow reconciliation (1):
US dollar millions
Net cash inflow from operating activities
Capital expenditure
Net cash from operating activities after capital expenditure
Repayment of lease liabilities
Finance costs accrued and capitalised
Net cash flow after capital expenditure and interest
Other net cash inflow from investing activities
Other
Add backs:
Cash restricted for use
Proceeds from disposal of joint venture
Free cash flow
(1) Includes continuing and discontinued operations for 2020
(2) Restated for IAS 16 “Property, Plant and Equipment – Proceeds before Intended Use”, effective 1 January 2022
2022
1,804
(1,028)
776
(82)
(132)
562
86
5
4
—
657
2021
1,268
(1,027)
241
(63)
(159)
19
101
–
(14)
(2)
104
Restated
2020 (2)
1,692
(739)
953
(47)
(188)
718
42
–
9
(26)
743
114
115
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Economic value-added statement
How we create and share value
Economic value generated
US dollar millions
Gold sales and by-product income (1)
Interest received
Royalties received
Profit from sale of assets
Income from investments
Total economic value generated
%
95
2
—
—
3
100%
2022
4,501
81
2
8
167
4,759
%
92
1
—
1
6
100
2021
4,029
58
2
22
249
4,360
(1) Gold sales and by-product revenue increased by 12% due to higher gold production in 2022 compared to 2021.
18%
Economic value
distributed 2022
0.5%
9%
14%
%
58.5%
Employees
Suppliers and services
Government
Providers of capital
Community
Value
T o t a l d i s t r i b u t e d
D i s t r i b u t e d
R e t a i n e d
Economic value distributed (1)
US dollar millions
2022
2021
Contributing to the SDGs
Providers of capital
Finance costs and unwinding of obligations
Dividends
Employees (2)
Government
Current tax (3)
Royalties (4)
Employee taxes (4)
Production, property and other taxes (4)
330
149
181
364
140
224
534
515
674
231
152
182
109
656
248
149
167
92
Community (5)
16
15
Suppliers and services (6)
2,175
1,836
Total economic value distributed
3,729
3,386
(1) Economic distribution providing human, financial, social, natural and manufactured capital, guided by business objectives and key issues identified through the
operating process to ensure sustainable long-term value retention for stakeholders, underpinned by our key behavioural programme operational excellence,
implemented at every step of the business from exploration through the entire chain to divestment/disposal
(2) Payments to employees include salaries, wages and other benefits
(3) Current taxation includes normal taxation and withholding taxation on dividends paid per jurisdiction in which the Group operates
(4) Employee, production, property and other taxes and royalties are reported on a cash basis and exclude equity-accounted joint ventures
(5) Community and social investments exclude expenditure by equity-accounted joint ventures and projects of a capital nature
(6) Suppliers and services excludes capital expenditure
Current taxation by region
US dollar millions
Africa
Americas (1)
Australia
Other
Total
(1) Includes projects
2022
138
85
6
2
231
2021
147
108
(3)
(4)
248
78% 22% $3.73bn
(2021: 78%)
(2021: 22%)
(2021: $3.39bn)
116
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Value by stakeholder
Stakeholder
Value created, preserved and eroded – 2022
For investors and shareholders:
Value created, preserved and eroded – 2022
For AngloGold Ashanti:
Contributing to the SDGs:
• Delivery on our strategic objectives, plans and growth projects contributes to improved
• 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
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
g
g
g
g
g
g
g
a
i
l
,
a
r
t
s
u
A
m
a
D
e
s
i
r
n
u
S
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.
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.
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 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%)
(1) Payments to employees include salaries, wages and other benefits
(2) Employees on payroll
g
g
g
g
g
g
g
g
g
g
g
g
g
g Value created
g Value preserved
g Value eroded
118
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Value by stakeholder continued
Stakeholder
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 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)
g
g
g
g
g
g
g
g
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.
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.
g Value created
g Value preserved
g Value eroded
a
e
n
u
G
i
,
i
r
i
u
g
S
i
a
i
l
,
a
r
t
s
u
A
m
a
D
e
s
i
r
n
u
S
a
i
l
a
r
t
s
u
A
,
a
n
a
c
p
o
r
T
i
Value created, preserved and eroded – 2022
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
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
g
g
g
g
•
Contributing to the SDGs:
Collaboration on
infrastructure projects
contributes to:
120
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Value by stakeholder continued
Stakeholder
Value created, preserved and eroded – 2022
For communities:
Value created, preserved and eroded – 2022
For AngloGold Ashanti:
Contributing to the SDGs:
• 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
(1) Includes equity-accounted joint ventures and projects of a capital nature
(2) Excludes joint ventures and includes South African operations to date of sale
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
• 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
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
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.
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.
,
a
n
a
h
G
m
e
i
r
p
a
u
d
I
• 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
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 Principals)
Our socio-economic
community projects
contribute indirectly to:
g
g
g
g
g
g
,
a
n
a
h
G
m
e
i
r
p
a
u
d
I
g Value created
g Value preserved
g Value eroded
122
123
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Rewarding delivery
In this segment:
Rewarding delivery
Section I: Remuneration and Human Resources
Committee – chairperson’s letter
Section II: Remuneration Policy report
Section III: Remuneration Implementation report
(January – December 2022)
P125
P128
P139
Section 1: Remuneration and Human Resources Committee
Ensuring fair, responsible and transparent remuneration
CHAIRPERSON’S LETTER
Dear Shareholders,
I am pleased to present the AngloGold Ashanti remuneration
report for the year ended 31 December 2022, which provides an
overview of our remuneration and human resource practices,
and their alignment with the Company’s strategic objectives.
The Remuneration and Human Resources Committee aims to
ensure that both the remuneration policy and its implementation
direct the efforts and behaviours of employees and leaders to
create safe and sustainable long-term value for stakeholders.
The principle of fair and responsible pay continues to guide our
decision making, as does our aim to appropriately recognise
the contribution of the Company’s employees. We recognise
the dynamic nature of the remuneration and incentivisation
field and, with the help of Deloitte, our newly appointed adviser,
have continued to scrutinise our remuneration policy for its
appropriateness, and to ensure it reflects both our pay philosophy
and the current realities of our business and industry.
AngloGold Ashanti has experienced significant changes
during 2022, with a great deal of restructuring needed to place
performance on a more favourable long-term trajectory after
especially challenging conditions in the prior two years. The
beginning of the year saw the conclusion of an operating
model revamp under Chief Executive Officer, Alberto Calderon
and Lisa Ali, the new Chief People Officer who joined in April.
This restructuring was accompanied by widespread and profound
changes to the organisational structure, resulting in greatly
reduced unnecessary duplication, and providing the operational
business units with the necessary resources to safely deliver
their budgets, as well as ensuring that accountability is more
clearly located and defined.
The Committee reviewed and questioned the rationale
for this restructuring and received frequent reports on its
implementation. We are not only satisfied that the changes
were necessary for the efficient delivery of our strategy, but
also that those affected were appropriately compensated and
treated with dignity and respect, in line with the organisation’s
values. The Committee has also watched closely as the new
organisational model has been embedded in the business, to
ensure it is achieving the desired outcomes.
Business context and decision making
Several important considerations informed the Committee’s
decisions in 2022, including financial and non-financial
performance in both relative and absolute terms; the ongoing
competition for scarce skills; the views and expectations of our
stakeholders; our key environmental, social and governance
objectives; and strains placed on the business, our employees
and the broader operating environment by the highest level of
inflation in more than four decades.
It is in this operating context and the restructuring that took
place during the year, that the Committee elected not to award
salary increases to the Company’s leadership team in 2022.
Non-Executive Directors also elected not to receive a fee increase
for 2022, to align themselves with the Executive and senior
management teams.
Focus areas
Given the degree of change in the business during 2022, the
Committee focused on the following important areas:
• Company performance – the operational, financial, safety
and sustainability performance of the business were of great
importance and focus of the Committee. As in prior years, it
measured performance against a clear set of objective criteria
• Talent and succession review – the Committee was especially
pleased with the efforts made to identify talent and potential
successors across disciplines and geographies, ensuring
improved visibility of opportunities for career progression.
It was encouraging to see increased representation of women
on these talent slates, particularly in the technical disciplines
and at operations
• OneHR Project – to enable the new operating model, the
organisation reviewed its global HR Systems and launched the
OneHR Project instituted by the CEO under the umbrella of the
Business Transformation Programme (Thrive). The Committee
was satisfied that this project will ensure standardisation of
people processes that are simplified and efficient thereby
providing reliable data to facilitate global reporting and effective
people management decisions
• Culture Assessment – the Committee was especially interested
in the extensive work done with respect to the Culture
Assessment. The results and qualitative feedback from the
survey were reviewed across the organisation and areas of
improvement were identified and implemented. A key outcome
of this work has been the refreshed organisational values,
which focus the priorities of the business in improving safety
and promoting a culture of respect, integrity, sustainability,
excellence and collaboration
• Sexual harassment awareness campaign – the Committee was
very pleased with a Group-wide sexual harassment awareness
campaign titled “Don’t Cross the Line” launched mid-year.
This campaign was spearheaded by the CEO together with his
executive team emphasising AngloGold Ashanti’s zero-tolerance
approach to sexual harassment and assault. The launch came
with the introduction of a careline, offering a range of employee
assistance support, including specialised support for people
seeking information or impacted by sexual harassment or
assault. The promotion of the Speak-up line, formerly known
as the Whistle Blowing channel, was launched as a safe and
anonymous way to report misconduct
124
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Section 1: Remuneration and Human Resources Committee
Ensuring fair, responsible and transparent remuneration
It was pleasing to see the continued and significant reduction
in workplace injury rates, the establishment of new and clear
greenhouse-gas reduction targets, the strong cost control
demonstrated in a high-inflation environment, and a more
predictable overall production performance with fewer negative
surprises affecting the year’s results.
Disclosure and transparency
The remuneration policy and implementation report for the
2021 reporting period were tabled for two separate, non-binding
advisory votes at the Annual General Meeting (AGM) held on
16 May 2022, in line with the JSE Listings Requirements and
King IV recommendations.
The table below details the results of shareholder voting at the
2022, 2021 and 2020 AGMs.
Votes
For
Against
Withheld
Remuneration policy
16 May 2022
4 May 2021
10 June 2020
91.46
95.30
88.04
Remuneration implementation report
16 May 2022
4 May 2021
10 June 2020
91.78
86.34
87.52
8.54
4.70
11.96
8.22
13.66
12.48
0.25
0.22
0.35
0.25
0.22
0.35
There were no significant issues raised by shareholders.
However, the Company proactively engaged with shareholders
both individually and collectively.
As required by King IV guideline, AngloGold Ashanti’s
remuneration policy and implementation report as detailed
in this Remuneration Report will be tabled for separate non-
binding advisory votes by shareholders at the upcoming annual
general meeting.
Operational context and performance
The gold sector was confronted with the complexities caused
by accelerating inflation during 2022, with the rapid pace of
price increases across much of the world, including in the US
where inflation was at the highest level in 40 years. These rapidly
increasing prices affected almost all inputs, from explosives,
grinding media and cyanide, to fuel, contract mining, tyres and
heavy mining equipment.
It was therefore noteworthy that the leadership team managed
to end the year with production, capital expenditure and all-in
sustaining costs all within the original guidance range provided
at the beginning of 2022. Against this inflationary backdrop, total
cash costs were less than 1% above the top end of guidance,
rising 6% year on year, which was roughly half the inflation rate
experienced for the Company’s basket of goods and services.
In the context of this steady operating performance, the
leadership team also achieved several important objectives to
unlock shareholder value such as:
(i) The continued improvement in the overall safety
performance, taking the period to end December 2022
without fatalities at Company operated mines to 581 days
and lowering injury rates for the year to well below industry
average at 1.26 injuries per million hours worked. See Safety
and health
(ii) An ambitious but detailed plan to lower Scope 1 and 2 GHG
emissions by 30% (as compared to 2021) by the turn of the
decade. See Environment and Climate change disclosure
(iii) The reduction by more than half of cash locked up in various
jurisdictions – most notably the Democratic Republic of
Congo, which unlocked cash balances of $459m. See CFO’s
report and outlook
(iv) The continued ramp-up of production from the Obuasi Gold
Mine. See Regional performance – Africa
(v) Continued growth in Mineral Reserve net of depletion. See
Mineral Resource and Mineral Reserve – Summary in this
report and the
(vi) The consolidation of the Beatty district in southern Nevada
which now, through a combination of prudent acquisitions
and industry-leading exploration success, provides us a
dominant position in one of North America’s most promising
gold districts – See Maintain long-term optionality
Further explanation of AngloGold Ashanti’s achievements
during the year, can be seen in more detail in the CEO’s review
and outlook and Regional performance. Of interest too, is the
Full Potential Programme work which brings our subject-matter
experts in a number of disciplines and our site operating teams
together to objectively understand the potential of every aspect
of each site. The Board continues to monitor this important
programme through 2023, as the business works to close the
margin gap with that of our peers.
The overall DSP annual performance achievement result for 2022
was 94.86%, compared with the previous year’s 70.73%.
Leadership team
The Chief Executive Officer, Alberto Calderon has worked with
the senior management team to stabilise and improve AngloGold
Ashanti’s operating performance. There is also now stability in
the executive leadership team, with Chief Financial Officer (CFO)
Gillian Doran being the newest addition as of January 2023.
Gillian joins us from Rio Tinto where her most recent role was
CFO of the Aluminium division. Gillian rounds out an executive
team infused with new talent from across the best of the mining
industry, bringing valuable experience and new perspectives to the
business at a time when it most needs it. I would like to convey the
Committee’s gratitude for the immense contribution of Ian Kramer,
who stood in as Interim CFO for a period of six months during the
reporting period, showing his steady hand, immense experience
and inscrutable professionalism.
Remuneration and Human Resources Committee’s areas of achievement in 2022 and focus for 2023 are:
2022
2023
Focus on results and actioning our organisational culture and
values survey outcomes particularly in relation to gender and
diversity
The launch and embedding of refreshed organisation values
prioritising safety and promoting a culture of respect, integrity,
sustainability, excellence and collaboration
Continued focus on gender equality in remuneration
Continue to focus on equitable remuneration
Continued engagement with shareholders
Continue to engage with shareholders
Continued focus on succession planning, talent management and
development
Ensuring a sustainable pipeline of diverse talent through acquisition
of critical skills, development and deployment
Ensuring training on all key human resource policies at all levels of
the organisation including the Board
Implementation of the OneHR system which allows for further
standardisation and global reporting
Review of the DSP scheme which resulted in minor changes to the
metrics
A comprehensive review of the overall remuneration policy with a
view to amend or modify the DSP scheme as necessary
Revitalisation of the Company’s health, safety and security culture
with a continued focus on employee health and well-being
Embedding of the “Don’t Cross the Line” campaign to create a
psychologically safe workplace
Implementation of the Group-wide sexual harassment awareness
campaign titled “Don’t Cross the Line”
Continue embedding a proactive safety culture, visible safety
leadership at all levels in the Company and global standards
Review of the Committees’ terms of reference to ensure continued
best practice and governance
Thanks and welcome
A special welcome to Deloitte, our new remuneration adviser.
They have made an important contribution to our deliberations
this year as we’ve sought to deepen our understanding of the
incentive and benefits landscape globally.
Thanks to Rhidwaan Gasant, Albert Garner and Alan Ferguson
my fellow Committee members for their hard work, dedication,
support, robust engagement in all areas and delivering on all
our intended objectives. Their commitment to ensuring ethical,
fair and transparent remuneration practices is unwavering and
greatly appreciated.
Finally, to the executive leadership team, and especially
Lisa Ali, thank you for bringing a new sense of purpose and
professionalism to the business, which will stand us in good
stead as the work is done to improve AngloGold Ashanti’s
position relative to its peers.
Sincerely,
I would also like to extend a special thanks to the shareholders
of AngloGold Ashanti for their engagement, support and valuable
feedback through the course of the year.
Maria Richter
Chairperson: Remuneration and Human Resources Committee
15 March 2023
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Section 2: Overview of the remuneration policy
The AngloGold Ashanti Human Resources and Remuneration strategic priorities underpin the business strategy to return the
business to competitiveness and establish the foundation for longer term growth whilst retaining sustainable long-term value
for shareholders. It remains the Committee’s responsibility to ensure that the remuneration and HR initiatives are equitable and
aligned to these long-term interests and to the interests of shareholders.
Attracting and retaining motivated and dedicated leaders and employees in multiple jurisdictions are key to the success of the
remuneration policy and this is tested regularly against our market benchmarking as well as through the ongoing Board and
Company focus to ensure a policy that remains best practice and delivers on both the internal and external stakeholder expectations.
Board and Committees
AngloGold Ashanti and the Board are responsible for ensuring
that remuneration practices are equitable, that good governance
is upheld and applied through the remuneration framework
at every level to ensure fair, responsible, transparent and
competitive remuneration to attract, motivate and retain a skilled,
global workforce.
The activities of the Committee, as defined by the Board, are
governed by the terms of reference. These received a detailed
review in 2022 and are available on our corporate website. See
Terms of reference. The Committee is comprised solely of Non-
Executive Directors who can be seen in the Directors’ Report in
the .
The Committee has access to both executives and senior
management who are invited to join and present at meetings
on a regular basis. In addition the Committee receives advice
from the independent remuneration advisers or other external
advisers as required.
Fair and responsible pay
AngloGold Ashanti strives to uphold fair and responsible
pay practices and aims to ensure that the business meets
short-term objectives while creating shared and sustainable
value over the long term, within the economic, social and
environmental context in which it operates. The remuneration
framework, aligned to King IV guideline and global best
practice, emphasises the importance of fair, responsible and
transparent pay.
The policy, which necessarily evolves along with a dynamic
market and operating landscape, currently reflects the principles
of fair and responsible pay as follows:
We aim to apply a fair approach to remuneration by:
• Taking an impartial view on pay
• Doing away with pay differentials that cannot be explained
or justified
• Working to ensure that pay parity is achieved across the Group
and eliminating discrimination
• Identifying and addressing unfair practices
We remunerate responsibly by:
• Applying the approved delegation of authority on all aspects of
remuneration
• Having independent remuneration consultants providing advice
and recommendations
• Using external market benchmarks
• Working to ensure that correct behaviours are rewarded and
inappropriate behaviour is discouraged
Principles
AngloGold Ashanti applies a set of key principles
determining and managing remuneration. The key
principles are as follows:
• Alignment with strategic objectives and shareholder
interests
• Remunerate to motivate and reward the right performance
and behaviour of employees and executives
• Aim to ensure that performance metrics are challenging,
substantial and cover all key aspects of the business
including financial and non-financial drivers, positive
outcomes across the economic, social and environmental
context in which AngloGold Ashanti operates and do not
promote or reward excessive risk taking
• Aim to ensure that the remuneration of executive
management is fair, responsible and transparent in
the context of overall employee remuneration in the
organisation
• Promote an ethical culture and responsible corporate
citizenship
• Aim to ensure that the remuneration structure is aligned
to AngloGold Ashanti’s values and that the correct
governance frameworks are applied across remuneration
decisions and practices
• Provide competitive rewards to attract and retain highly
skilled executives and staff vital to the success of the
organisation using appropriate global remuneration
benchmarks
• The use of performance measures
Wage differential
Deloitte, the independent remuneration adviser in this instance,
advises on the wage differential on an annual basis. The
Committee reviews the wage differential analysis from a number
of perspectives, including looking at year-to-year changes and
how the wage differential compares to practice in companies
in our benchmarking peer group, recognising that reporting
requirements differ across jurisdictions.
The CEO’s pay ratio is determined using the CEO’s total
remuneration against pay for other employees, measured over
the 12 months resulting in a median pay differential of 284:1.
Having reviewed the outcomes of this exercise the Committee
is comfortable that the wage differential is consistent with
AngloGold Ashanti’s reward principles and practices, and is not
out of line with trends in other global gold mining companies.
In determining executive remuneration, we consider:
Shareholder opinion of
executive remuneration
Prevailing economic trends
and environment
External influences
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Application of fair and
responsible pay principles
Aim to attract, recruit and
retain talent
INTERNAL
GUIDELINES
Establish pay principles
and practices which guide
executive remuneration
decisions and
parameters
Setting of minimum and
maximum targets for
individual and business
performance to determine
variable executive
remuneration
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Competitive pressure
External influences
Remuneration benchmarking
of peer mining companies
with similar attributes
(complexity, size and
geographic spread)
Remuneration practices are designed to be fair, responsible, transparent
and compliant with applicable legislation
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Section 2: Overview of the remuneration policy continued
Gender and pay equality
Diversity, equity and inclusion (DE&I) continue to be a strong
focus for the Board and executive leadership for ensuring the
success and sustainable growth of AngloGold Ashanti.
Our approach is aligned to the United Nations Sustainable
Development Goals (Goal 5 and Goal 10 specifically), and
the United Nations Global Compact’s Women Empowerment
Principles. We are committed to developing and maintaining an
inclusive workplace that values and celebrates diversity in all its
forms in all our operating sites and communities.
Improving gender diversity has been an intentional focus
over the past couple of years with several interventions being
implemented. Female representation at both Board level and
executive management level at the end of 2022 was 24%, placing
the Company on par and in some instances above competitors
within the industry.
To progress the journey towards gender equity, the Company
has committed to the goals of 50% female representation of
candidates when recruiting and ensuring that we have at least
30% female representation in the talent and succession pool for
critical roles.
The recruitment and promotion of women into senior positions
has remained a strong focus area, resulting in key female
appointments including the Chief People Officer, Chief Financial
Officer and several other senior management roles including the
Senior Vice President (SVP) Projects, SVP Supply Chain, Vice
President (VP) Group Company Secretary, VP Resource and
Reserve, VP Human Resources, VP People and Capability and VP
Performance and Reward.
The efforts to improve gender representation are also being
recognised in the external market. AngloGold Ashanti has
been listed in the Bloomberg Gender-Equality Index for the
third consecutive year in 2023, achieving a GEI score of 69.28,
a significant increase from the 2022 GEI score of 60.74 which
places us amongst leading businesses within and outside the
mining industry. In South Africa and Australia, AngloGold Ashanti
has been recognised as being a pro-gender empowered company
by Topco Media and Work180 respectively.
AngloGold Ashanti has equally placed a greater focus on gender
pay parity across all regions and occupational levels within the
organisation – in line with the Company’s remuneration and pay
philosophy. The gender pay-gap differentials analysis at middle
management level (Stratum III) and above shows that men were
paid 14.27% more than women as of December 2022 compared
to December 2021 where they were paid 11.62% more. While
this shows a gender pay gap increase, the Company recognises
that long tenure male employees in technical disciplines are a
key contributor to the gap. The Company remains clear on its
priorities to recruit and promote female employees, applying fair
and transparent remuneration practices across the business.
Notably, the female population in middle management and above
increased from 17% in 2021 to 19% in 2022.
2022 remuneration policy and structure
The table below sets out the remuneration policy that applies to
all employees for 2022 and was endorsed by shareholders at the
2021 annual general meeting. The table details each component’s
link to the Company strategy, objectives, performance
measurements and the maximum opportunity associated with
each component. The principles that determine the remuneration
for the CEO and the executive team are the same as those for all
our other employees, it is only on the variable pay that there is
a difference in terms of the proportion of at risk pay and payout
duration. The full remuneration policy can be found in the .
DSP performance metrics 2022
Strategic driver
Variable
Performance metric and related weighting
35%
15%
15%
11%
24%
Total shareholder
Absolute returns
returns (TSR)
Relative returns
Return on equity Normalised cash return on equity (nCROE)
Maintain financial flexibility
Production
Moz
Improve portfolio quality
Optimise overhead, costs and
capital expenditure
Maintain long-term optionality
Costs
All-in sustaining costs
Total cash costs
Future pipeline Mineral Resource
Mineral Reserve
People
Safety
• Gender diversity
• Key talent retention
Combination of:
• All injury frequency rate
• Major hazard control compliance
7.5%
12.5%
15%
15%
5%
10%
5.5%
5.5%
4%
8%
Prioritise people and ESG
crystalline silica dust
Health
Reduction in workforce exposed to high respirable
2.5%
Environment
Greenhouse gas emissions management
7.5%
Communities
Business disruptions caused by community unrest
2%
DSP performance metrics 2022 – by strategic focus area
(2021 comparison)
24%
(2021: 25%)
35%
(2021: 35%)
%
11%
(2021: 12.5%)
(cid:31) Maintain financial flexibility
(cid:31) Improve portfolio quality
(cid:31) Optimise overhead, costs and capital expenditure
(cid:31) Maintain long-term optionality
(cid:31) Prioritise people and ESG
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15%
(2021: 12.5%)
15%
(2021: 15%)
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Section 2: Overview of the remuneration policy continued
Remuneration element and link to strategy
Remuneration element and
link to strategy
Base salary
A competitive salary is
provided to employees to
ensure that their experience,
skill/contribution and
appropriate market
comparisons are fairly
reflected and applied
Operation and objective
Maximum opportunity
Performance measures
• Base salaries are reviewed annually and
increases are effective from 1 January
each year
• Employees’ base salaries are determined
by considering performance, market
comparison against companies with
a similar geographic spread; market
complexity, size and industry; and internal
peer comparisons. AngloGold Ashanti
positions guaranteed pay at the median
of the applicable markets and where
there is a shortage of specialist and/or
key technical skills, may pay higher than
the median
• The CEO makes recommendations on
the executive management team but
does not make recommendations on his
own base salary. This is reviewed by the
Committee and approved by the Board
Executive base salary
increases and increases
for all non-bargaining unit
employees are closely
aligned, where practical.
This is informed by inflation,
which can be matched
directly or above/below
consumer price index (CPI)
Individual performance on
a scale of 1 to 5, measured
against specific key
performance indicators
(KPIs). A CPI increase
pool is approved annually
by the Committee. In
high-inflation countries,
individual increases may
be differentiated according
to each individual’s
performance rating. In low-
inflation countries, a flat CPI
is generally applied to all
members of the executive
management team and
employees
Pension
Provides a defined
contribution retirement
benefit, in addition to
base salary, aligned to the
schemes in the respective
country in which the
employee operates
Medical insurance
Provides medical aid
assistance, in addition to
base salary, aligned to the
schemes in the respective
country in which the
employee operates
Benefits
In addition to base
salary, benefits are
provided to ensure broad
competitiveness in the
respective markets
• Funds vary depending on jurisdiction
and legislation
Funds vary depending on
jurisdiction and legislation
Not applicable
• Defined benefit funds are not available
for new employees, in line with
Company policy
The pension contributions
for executive directors and
executive management
team are aligned to those of
employees across the Group
Provided to all employees through
either a percentage of fee contribution,
reimbursement or Company provided
healthcare providers
Aligned to approved policy
Not applicable
Aligned to approved policy
Not applicable
Benefits are provided based on local market
trends and can include items such as life
assurance, disability and accidental death
insurance, assistance with tax filing, cash
in lieu of untaken leave (above legislated
minimum leave requirements), and
occasional spousal travel
Variable pay
The Deferred Share Plan (DSP) was implemented in 2018 as
a single incentive scheme comprising of short- and long-term
metrics. In 2022, the DSP was reviewed by the newly appointed
independent remuneration advisers, Deloitte, to ascertain the
following:
• Whether it is aligned to shareholder requirements
• Does it support the execution of the corporate strategy and
create shareholder value
• Does it enable the Board and CEO to drive performance across
the business
• Does it support recruitment and retention across the business
• Does the plan align management with the interests of all
stakeholders
Based on the review, the Committee determined that for the short
term, there will be some minor metric modification recommended
for 2023, see . Although the DSP still enabled AngloGold
Ashanti to achieve its strategic objectives in 2022, recognising that
the market and industry are changing rapidly, it would be prudent
to undertake a comprehensive review of the overall remuneration
strategy, including the structure of the current incentive scheme
during 2023. It is important to ensure that both the strategy and
incentive scheme continue to support the strategic priorities of the
business, the interests of our shareholders and stakeholders and
align to market and best practice.
Deferred Share Plan
Endorsed by shareholders at the 2017 annual general meeting, and implemented with effect from 1 January 2018
Remuneration element
and link to strategy
With effect from
1 January 2018, the
Company has used
a single incentive for
short- and long-term
performance.
The DSP is designed to
encourage employees
to meet strategic
short-, medium- and
long-term objectives
that will enable value
delivery to shareholders,
by achieving defined
Company objectives.
A single set of
performance objectives
is used, reviewed and
approved annually by the
Committee.
Maximum
opportunity
Details of on-
target, threshold
and maximum
awards for all staff
are shown in the
tables on page
134. Note that
below threshold
performance
will result in no
payment.
Performance measures
One set of performance
metrics is used to determine
the cash portion and
deferred portion. Future
vesting of the deferred
portion is subject to
continued employment.
Performance measures are
weighted between Company
and individual KPIs.
Company and individual
performance measures are
assessed over the financial
year, with the exception of
certain Company measures
that are measured over a
trailing three-year basis, as
indicated below.
Company metrics, each with
their own weighting, are:
• Relative total shareholder
returns (TSR)*
• Absolute total
shareholder returns*
• Normalised cash return
on equity*
• Production
• All-in sustaining costs
• Total cash costs
• Mineral Reserve additions
pre-depletion
• Mineral Resource
additions pre-depletion
• Safety, Health,
Environment and
Community
• People
Operation and objective
Permanent employees who do not participate in a
production bonus are eligible to participate in the DSP.
The DSP award is payable in cash and where applicable
(depending on stratum level), the balance will be
delivered in one of two compensation components,
either deferred cash or deferred shares, vesting equally
over a period of two to five years.
The total incentive is determined based on a
combination of Company and individual performance
measures, which are defined annually with weightings
applied to each measure. The metrics are defined
against the objectives that most strongly drive Company
performance and are weighted to financial outcomes,
production, cost, Mineral Resource and Mineral Reserve,
sustainability and people. Each metric is weighted
and has a threshold, target and stretch achievement
level assigned, based on the Company budget and the
desired stretch targets for the year.
At the end of each financial year, the performance of
the Company, the CEO and CFO is assessed by the
Committee and the Board against the defined metrics
to determine the quantum of the cash portion and the
quantum of the deferred portion as per calculations
below:
Cash portion:
Base pay x individual performance weighting x on-target
cash percentage x individual performance modifier
(KPIs: 1 – 5 rating)
+
Base pay x Company performance weighting x on-target
cash percentage x Company performance modifier.
Deferred cash/shares:
Base pay x individual performance weighting x on-target
deferred percentage x individual performance modifier
(KPIs: 1 – 5 rating)
+
Base pay x Company performance weighting x on-target
deferred percentage x Company performance modifier.
The deferred shares are awarded as conditional rights
to shares with dividend equivalents.
Vesting of the deferred portion occurs equally over
either a two-, three-, or five- year period, depending on
the level of the participant.
* Indicates three year trailing performance metrics
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The graphs below illustrate the threshold, on-target and stretch for the DSP scheme and performance measure weightings
(Company and individual) as a percentage of base salary:
Threshold
(50%)
On-target
(100%)
Stretch
(150%)
of the Company or the relevant business unit or have led to
the censure of the Company or a Group company by a
regulatory authority
• Where there is an error in the calculation of any performance
• The rating scale: consistent measure of performance across
the business
• Calibration: creates fairness to mitigate assessor’s bias
CEO (VII)
50.0%
100.0%
150.0%
CEO (VII)
100.0%
200.0%
300.0%
CEO (VII)
150.0%
300.0%
450.0%
condition which may have resulted in an overpayment
• Performance Management Outcome Distribution Curve: aligns
CFO (VIH)
42.5%
92.5%
135.0%
CFO (VIH)
85.0%
185.0%
270.0%
CFO (VIH)
127.5%
277.5%
405.0%
Executive Mng (VIL)
37.5%
87.0%
124.5%
Executive Mng (VIL)
75.0%
174.0%
249.0%
Executive Mng (VIL)
112.5%
261.0%
373.5%
Senior Mng (IVH - V)
26.0% 39.0%
65.0%
Senior Mng (IVH - V)
52.0% 78.0%
130.0%
Senior Mng (IVH - V)
78.0% 117.0% 195.0%
Senior Mng (IVL)
24.0% 27.0% 51.0%
Senior Mng (IVL)
48.0% 54.0% 102.0%
Senior Mng (IVL)
72.0% 81.0% 153.0%
Middle Mng (IIIH)
16.5% 16.5% 33.0%
Middle Mng (IIIH)
33.0% 33.0% 66.0%
Middle Mng (IIIH)
49.5% 49.5% 99.0%
Middle Mng (IIIL - IIIM)
12.5% 12.5% 25.0%
Middle Mng (IIIL - IIIM)
25.0% 25.0% 50.0%
Middle Mng (IIIL - IIIM)
37.5% 37.5% 75.0%
0
30
60
90
120
150
0
50
100
150
200
250
300
0
100
200
300
400
500
Cash bonus award
Deferred cash award
Deferred shares award
Cash bonus award
Deferred cash award
Deferred shares award
Cash bonus award
Deferred cash award
Deferred shares award
The cash or share deferrals and performance weightings (Company and individual) are summarised in the table below:
Employee stratum and level
Deferral period (years)
Company
Individual
Performance measure weightings
CEO (VII) / CFO (VIH) /Executive management (VIL)
Senior management (IVH – V)
Senior management (IVL)
Middle management (III)
5
3
2
2
80
50
50
40
20
50
50
60
The deferred shares are awarded as conditional rights to shares
with dividend equivalents. Vesting of the deferred portion occurs
equally over either a two-, three- or five-year period, depending on
the level of the participant.
Malus and clawback
The malus and clawback provisions are as follows:
Malus
The Committee has discretion to reduce, including to zero, an
award that has not yet accrued or vested to an individual where
(but not limited to):
• A participant was, in the reasonable opinion of the Committee,
deliberately misleading the Company or any subsidiary, the
market and/or the Company’s shareholders concerning the
financial performance of the Company
• A participant caused harm to the Company’s reputation
• A participant’s actions amounted to misconduct, including but
not limited to the participant acting fraudulently, dishonestly
or being in material breach of their obligations, as described in
the Company’s Disciplinary Code and Procedure Policy
• A participant’s actions amounted to negligence, incompetence
or poor performance
• There is a material error in the Company’s financial statements,
which results in a restatement
• There is a material failure of risk management in the Company
• The discovery that any information or the assessment of
any performance condition(s) used to determine an award
was based on a material error, or inaccurate or misleading
information, or
• Any other matter which, in the reasonable opinion of the
Committee, is required to be taken into account to comply with
prevailing legal and/or regulatory requirements, which for the
avoidance of doubt, includes the applicable laws published by
a regulator from time to time
Clawback
The Committee will consider applying clawback at any time
during the three years from the date of vesting of the variable
remuneration, being the cash incentive, deferred cash or deferred
share allocation (the clawback period), based on the following
limited trigger events:
• There is a material failure of risk management in the Company
or in the relevant Business Unit, considering the participant’s
involvement and responsibility for that incident
• The discovery of action or conduct of a participant which in the
opinion of the Committee amounts to gross misconduct that
occurred prior to award or vesting
• There is a material error in the Company’s financial statements,
which results in a restatement, which may have resulted in an
over-allocation of cash incentive, deferred cash and deferred
share allocations
Performance management
Performance management at AngloGold Ashanti is a key
process where our management and employees work together
to plan, monitor and review an employee’s objectives and
overall contribution to the organisation. More than just an
annual performance review, performance management is the
continuous process of setting objectives, assessing progress
and providing on-going support, coaching and feedback to
ensure that employees are meeting their objectives and career
goals – aligned to the strategic business goals, Company
values and culture.
A performance management framework has been designed to
address the following business requirements:
• Defining and measuring performance linked to business
delivery
• Aligning KPIs to business strategy – creating line of sight
between business goals and individual goals and the
cascading of goals through the reporting line
• Effective engagement and partnering with employees by line
managers, building line manager capability
• Integrated people processes – aligning talent management,
career development, reward and recognition to performance
outcomes thereby building a culture of high performance
business performance with people performance
Individual performance is as critical as Company performance
on both fixed and variable remuneration decisions. Where an
employee’s performance is below expectations, they will not
receive an incentive bonus.
Remuneration scenarios at different
performance levels
The graphs below depict the typical pay mix of the Executive
Management team in line with the 2022 remuneration policy
including DSP outcomes at minimum (below threshold), target
and maximum performance. Below threshold performance will
result in no DSP payout. The long-term incentive (DSP deferred
shares) vests annually in five equal tranches.
The pay mix graphs for the CEO and CFO depict actual base
salaries and benefits. Those for the Executive Committee are
based on averages.
Recruitment policy
When recruiting a member of the executive management team, a
comparative benchmarking exercise is undertaken to determine
the size, nature and complexity of the role, and skills availability
in the market prior to making a competitive offer.
The following principles are applied when recruiting
external hires:
• Providing a consistent performance management methodology
and practices
• Performance conversations: consistent and continuous
conversations throughout the year
• Remuneration for external appointments will take into
account any remuneration which is forfeited from the previous
employment upon joining, and may replace these in an
appropriate form, taking into account timing and performance
conditions as appropriate subject to proof of forfeiture
Remuneration policy
(%)
M
U
M
X
A
M
I
T
E
G
R
A
T
M
U
M
N
M
I
I
CEO
CFO
EXCO
CEO
CFO
EXCO
CEO
CFO
EXCO
17%
19%
20%
24%
26%
27%
4%
3%
27%
25%
4%
23%
6%
4%
5%
23%
22%
21%
80%
85%
85%
52%
53%
53%
47%
48%
47%
20%
15%
15%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
95%
100%
• There is a material downturn in the financial performance of
the Company at any time before the applicable vesting date
• The discovery of events that occurred prior to vesting that
have had a significant detrimental impact on the reputation
Base salary Benefits DSP Cash DSP Deferral
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• The Committee will not offer any sign-on bonuses that do
not conform to the conditions set out above, for example the
“golden hello”
• In the case of share awards forfeited they will have equivalent
performance conditions unless the Committee determines
otherwise
Termination policy
Members of the executive management team, and all permanent
employees, have open-ended contracts (except where prescribed
retirement ages apply) with termination periods defined in their
contracts. In addition, incentive scheme rules clearly specify
termination provisions by termination category.
• The Committee will also take into account both market practice
and any relevant commercial factors in considering the terms
of the buy-out award
• A time period is applied to a buy-out with a minimum clawback
All members of the Executive Management team recruited
over the past year were remunerated in line with the
recruitment policy.
In the event of a termination, the Company has the discretion to
allow the employee to either work out their notice or to pay the
guaranteed pay for the stipulated notice period in lieu of notice.
Guaranteed pay includes base salary and other benefits, as
detailed in the table below, but excludes variable pay.
Executive Committee members terminated in 2022 were paid in
line with the termination policy.
Reasons for termination
Voluntary
resignation
Base salary Base pay will be
Pension
Medical
provisions
Benefits
paid over the notice
period or as a lump
sum
Pension
contributions for
the notice period
will be paid; any
lump sum does not
include pension
contributions unless
contractually agreed
Where applicable,
medical provision
for the notice
period will be paid;
any lump sum
does not include
contributions unless
contractually agreed
Applicable benefits
may continue to be
provided during the
notice period but
will not be paid on a
lump sum basis
Dismissal/
termination
for cause
Base pay will
be paid until
employment ceases
Pension
contributions
will be paid until
employment ceases
Normal and early retirement,
retrenchment and death
Mutual
separation
Base pay is paid for a defined period
based on cause and local policy
as employees have different
employment entities
Pension contributions will be paid
until employment ceases
Base pay will be paid over the notice
period or as a lump sum
Pension contributions for the
notice period will be paid; any
lump sum would not include pension
contributions unless contractually
agreed
Medical provision/
payment will be
provided until
employment ceases
Medical provision/payment will be
provided until employment ceases
Where applicable, medical
provision for the notice period will be
paid; any lump sum would not include
contributions unless contractually
agreed
Benefits will
fall away when
employment ceases
Benefits will fall away when
employment ceases
Applicable benefits may continue
to be provided during the notice
period but will not be paid on a lump
sum basis
DSP cash
bonus
Forfeit, no bonus
No bonus
Discretion to pro-rate for period
worked
Discretion to pro-rate for period
worked
Deferred
cash awards
Unvested awards
lapse
Unvested
awards lapse
The vesting date will be accelerated
to the date of separation and the
participant shall be entitled to receive
a pro-rated deferred cash value taking
into account the period that the
participant has been in employment
during the vesting period
The vesting date will be accelerated
to the date of separation and the
participant shall be entitled to receive
a pro-rated deferred cash value taking
into account the period that the
participant has been in employment
during the vesting period
Voluntary
resignation
Dismissal/
termination
for cause
Normal and early retirement,
retrenchment and death
Mutual
separation
Deferred
share
awards
Unvested awards
lapse
Unvested
awards lapse
Retrenchment and retirement (early,
normal and late):
Senior managers – upon separation,
the vesting date will be accelerated
to the date of separation and the
participant shall be entitled to
receive pro-rated shares taking
into account the period that the
participant has been in employment
during the vesting period. Vested
shares may be exercised within six
months following separation date
Executives – upon separation of
employment, vested shares may
be exercised within six months
following separation date. The
participant will continue to hold
unvested shares post separation of
employment to vest at the original
vesting date. Upon vesting of these
shares, participant has up to six
months to exercise vested shares
Death:
All participants – upon death of an
employee, the vesting date will be
accelerated, and the participant’s
estate shall be entitled to receive the
full vested and unvested deferred
shares within 12 months from date
of death
Senior managers – upon separation,
the vesting date will be accelerated
to the date of separation and the
participant shall be entitled to
receive pro-rated shares taking
into account the period that the
participant has been in employment
during the vesting period. Vested
shares may be exercised within six
months following separation date
Executives – upon separation of
employment, vested shares may
be exercised within six months
following separation date. The
participant will continue to hold
unvested shares post separation of
employment to vest at the original
vesting date. Upon vesting of these
shares, participant has up to six
months to exercise vested shares
Minimum shareholding requirements
The Committee is of the opinion that share ownership
by executive management team members demonstrates
their commitment to AngloGold Ashanti’s success and
serves to reinforce the alignment between executive and
shareholder interests.
With effect from March 2013, an MSR was introduced for the
Executive Management team and the MSR was further increased
with effect from 2020. Additionally in 2022, a one-year post
termination MSR was included. All Executive Management team
members are required to have a minimum shareholding in the
Company as per the table below:
Within three years of
appointment/ from
introduction of revised MSR
(1 January 2020)
Within six years of
appointment/ from
introduction of revised
MSR (1 January 2020)
150% of net annual
base salary
125% of net annual
base salary
100% of net annual
base salary
300% of net annual
base salary
250% of net annual
base salary
200% of net
base salary
Role
CEO
CFO
Executive
Management
team
The following count towards an individual MSR:
• Shares purchased on the market, either directly or indirectly
• Vested shares from AngloGold Ashanti’s share incentive schemes
Holding
requirement
Post termination holding period
effective 1 January 2022
Throughout
employment as a
director or prescribed
officer
The post-termination MSR will be
the requirement based on the MSR
policy at the time of termination.
Should the executive depart (or
no longer serve as director or
prescribed officer) before they
have achieved the MSR, all vested
shares allocated effective
1 January 2022 onwards from the
Company’s share incentive will be
held for one year post-termination
period. The holding will be up to
their required MSR
136
137
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Section 2: Overview of the remuneration policy continued
Section 3: Remuneration Implementation Report January to December 2022
Service contracts
All members of the executive management team have permanent
employment contracts which entitle them to standard Group
benefits as defined by their specific region and participation in
the Company’s DSP.
South African executive management team members are paid a
portion of their remuneration offshore which is detailed under a
separate contract. This reflects global roles and responsibilities
and considers offshore business requirements. All such earnings
are subject to tax in South Africa.
Change in control
Executive management team contracts are reviewed annually and
currently continue to include a change in control provision. The
change in control provision is subject to the following triggers:
• The acquisition of all or part of AngloGold Ashanti, or
• A number of shareholders holding less than 35% of the
Company’s issued share capital consorting to gain a majority
of the Board and make management decisions, and
• Executive management team member contracts are
either terminated or their role and employment conditions
are curtailed
In the event of a change in control becoming effective,
the executive management team member will in certain
circumstances be subject to both the notice period and the
change in control contract terms.
Executive management employment contracts provide that, in
the event of their employment being terminated as a result of a
change in control, the following is applicable:
For the period May to December 2022, Deloitte’s key focus
areas were:
• A full review of the Company’s remuneration policy with a
particular focus on the share incentive schemes
• Consultation on executive management matters including
acting allowances and bonus treatment
• Wage differential calculations and associated benchmarking
• Market trends, updates and best practice guidelines
• Introduction of a full training suite for the Committee and Board
• NED benchmarking survey
The fees are set to reflect time commitment, value added and
market norms. For the period January to April 2022, fees payable
to PwC amounted to GBP113,000 and for the period May to
December 2022 fees accrued and payable to Deloitte amounted
to GBP94,443.
It is the Committee’s opinion that both PwC and Deloitte have
acted in an objective and independent manner, in that they have
primarily provided directional and strategic advice.
The Committee also made use of the services and output of
Mercer, who provided global survey data and analysis. Mercer’s
charges for the bespoke executive survey amounted to R334,010.
Non-Executive Directors’ remuneration policy
AngloGold Ashanti’s Non-Executive Directors (NEDs) continue
to be paid according to their roles. Retainer fees for Board and
standing Committees are paid quarterly in arrears and are not
subject to attendance at meetings.
1. All salary, benefits and bonuses in lieu of their notice pay
The policy is applied using the following principles:
2. An amount equivalent to 1 above, and inclusive of the value of
any pension contributions that would have been made by the
Company in the notice period following the termination date
(less such tax and national insurance contributions as the
Company is obliged to deduct from the sum)
• Fees are reviewed annually and increases are effective as at
the date of the AGM. They are set using a global comparator
group which is derived from companies with similar size,
complexity and geographic spread. The comparator group
currently used is the same as the executives’ benchmark group
3. The vesting date will be accelerated to the date of the event
and the participant shall be entitled to receive pro-rated shares
taking into account the period that the participant has been in
employment during the vesting period
Remuneration advisers
The Committee, which is comprised solely of independent non-
executive directors, engages independent advisers in relation to
remuneration related matters. Effective May 2022 following a
full tender process AngloGold Ashanti appointed Deloitte as the
independent remuneration advisers taking over from PwC who
were appointed as the Company’s independent auditors. For the
period January to April 2022, PwC provided the following support:
• Consultation on executive management matters
• Market trends, updates and best practice guidelines with a
focus on ESG and other metrics in relation to the Company’s
DSP scheme
• Review of the Remuneration Report in the Integrated Report
• Due to the restructuring that took place in 2022 and to align
themselves with the executive and senior management teams
the NEDs elected not to receive a fee increase for 2022
• NEDs receive a travel allowance per night when they are away
from their home country for Board meetings or on Company
approved business
• NEDs are not eligible to receive any short- or long-term
incentives
(Details of NED fees are presented on pages 152 of this report
and 28 of the )
Non-Executive Directors’ Minimum
Shareholding Requirement
The NEDs are required to acquire and hold a MSR in AngloGold
Ashanti shares, equivalent to 150% of their annual base fee within
four years from the effective date of the policy for existing NEDs
(February 2022) and from the effective date of appointment for
new NEDs.
This section of the Remuneration Report explains the
implementation of the remuneration policy by providing
details of the remuneration paid to members of the executive
management team and non-executive directors for the
financial year ended 31 December 2022.
Executive Management team pay
The remuneration of the executive management team is in
accordance with the remuneration policy as defined in section 2.
The executive team and senior management pay is reviewed
against a global benchmark on a biannual basis using Mercer
who conduct a bespoke survey on the companies behalf. The
comparator group is reviewed regularly and ranked in terms of
a number of criteria that the Committee feels adequately aligns
to AngloGold Ashanti. The table below summarises the 2022
comparator group:
2022 Comparator benchmark group
Agnico Eagle Mines Limited
Anglo American Platinum Limited
Antofagasta plc
Barrick Gold Corporation
B2Gold Corporation
Gold Fields Limited
Kinross Gold Corporation
Newcrest Mining Limited
Newmont Corporation
Sibanye-Stillwater Limited
South32 Limited
Yamana Gold Incorporated
Canada
South Africa
Chile
Canada
Canada
South Africa
Canada
Australia
United States
South Africa
Australia
Canada
Annual salary review 2022
The Committee decided that given the organisational
restructuring that took place at the end of 2021 and beginning
of 2022 there would be no salary increases for the executive
management team (with one exception). It was further decided
that senior management would also not receive increases. All
other AngloGold Ashanti employees, who are not in a bargaining
unit and who are not already at the maximum of their salary
scales (these received no increase), received increases primarily
based on CPI.
Increases awarded to our various bargaining units were
determined through a collective bargaining process.
It is to be noted that a special salary increase adjustment was
implemented effective 1 January 2022 for Ms Lizelle Marwick
who received an increase of 12.85% on her South African
contract and 5% on her offshore contract to align her closer to
both the market and her internal peers.
Details are available in the single total figure reporting table on
pages 140 and 141.
Executive movements
Ms Christine Ramon elected to take early retirement from her role
as CFO and Executive Director of the Company with effect from
30 June 2022; her last day of employment was 31 December 2022.
Mr Ian Kramer acted as Interim CFO from 1 July to 31 December
2022. Mr Kramer ceased acting with the appointment of the new
CFO, Ms Gillian Doran, on 1 January 2023.
No payments were made to Ms Gillian Doran for the
reporting period.
An allowance aligned to the Company’s acting allowance policy
formed part of Mr Kramer’s remuneration to recognise the
additional responsibilities associated with the role for the period.
Both Ms Christine Ramon’s and Mr Ian Kramer’s remuneration
details for 2022 are reflected as follows on pages 140 and 141.
Ms Italia Boninelli assumed her role as Interim Group Human
Resources Executive Consultant and a prescribed officer for
the period 1 April 2021 to 31 March 2022. Ms Lisa Ali joined as
Chief People Officer effective 1 April 2022. Their remuneration is
reflected on pages140 and 141.
Mr Vaughan Chamberlain assumed the role of Acting Chief
Development Officer from 1 October 2021 until 31 March 2022.
An allowance aligned with the Company’s acting allowance policy
formed part of Mr Chamberlain’s remuneration to recognise
the additional responsibilities associated with the prescribed
officer role for the period. Mr Terry Briggs, Chief Development
Officer, joined AngloGold Ashanti effective 1 April 2022. Their
remuneration is reflected on pages140 and 141.
The single total figure reporting on pages140 and 141 provides
the remuneration details of executive directors and prescribed
officers who held office in the current year in line with the
shareholder-approved standard conditions of employment.
The single figure remuneration comprises an overview of all the
pay elements available to the executive management team for
the year ended 31 December 2022.
138
139
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Section 3: Remuneration Implementation Report January to December 2022
continued
Executive Directors’ and Prescribed Officers’ remuneration
The tables below illustrate the single total figure of remuneration and the total cash equivalent received reconciliation of Executive
Directors and Prescribed Officers as prescribed by King IV. It comprises an overview of all the pay elements available to the executive
management team for the year ended 31 December 2022
The following are definitions of terminology used in the adoption of the reporting requirements under King IV:
Reflected
In respect of the DSP awards, remuneration is reflected
when performance conditions have been met during the
reporting period
Settled
This refers to remuneration that has been included in prior
reporting periods and has now become payable but may not yet
have been paid to the executive in the current period
Single total figure remuneration
Base Salary
ZAR denominated
portion
ZAR '000
USD/AUD
denominated
portion (1)
ZAR '000
Pension Scheme
benefits
ZAR '000
Once off
relocation costs
ZAR '000
Cash in lieu of
dividends
ZAR '000
Other benefits (2)
ZAR '000
DSP awards (3)
ZAR '000
Sign-on awards
granted
ZAR '000
Other payments
ZAR '000
Single total figure of remuneration
USD '000 (13)
ZAR '000
Awards earned during the period reflected
but not yet settled
Executive Directors
A Calderon (4)
KC Ramon (5)
Total Executive Directors
Prescribed Officers
L Ali (6)
SD Bailey
I Boninelli (7)
TJ Briggs (8)
VA Chamberlain (9)
L Eybers
MC Godoy (10)
I Kramer (11)
L Marwick
Exited Prescribed Officers (12)
Total Prescribed Officers
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
–
–
3,052
6,104
3,052
6,104
–
–
5,037
4,648
1,507
4,725
–
–
1,058
1,047
–
–
–
–
2,167
2,408
5,310
4,706
–
6,999
15,079
24,533
26,185
7,821
2,336
4,324
28,521
12,145
7,620
–
2,977
3,062
–
–
5,073
–
225
252
10,986
10,760
9,821
1,882
–
–
2,148
1,828
–
15,052
38,850
32,836
6,481
2,066
430
864
6,911
2,930
–
–
–
–
–
–
374
–
137
137
312
291
1,645
141
271
301
713
629
–
1,289
3,452
2,788
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
435
67
435
67
–
–
225
30
–
–
–
–
124
–
401
52
–
–
–
15
84
13
–
137
834
247
162
156
3,524
525
3,686
681
787
–
1,177
1,246
3
131
677
–
18
29
814
1,578
1,224
358
40
48
520
271
–
5,290
5,260
8,951
83,180
20,481
4,551
7,652
87,731
28,133
20,092
–
20,882
15,752
–
4,091
13,060
–
2,664
7,228
28,281
21,189
25,282
4,782
6,899
5,459
19,220
13,735
–
11,717
136,380
83,953
–
10,289
–
–
–
10,289
19,111
–
–
–
–
–
14,437
–
–
–
–
–
–
35,072
–
–
–
–
–
–
33,548
35,072
–
–
13,082
22,974
13,082
22,974
–
–
–
–
–
–
–
–
321
264
–
–
–
–
542
602
–
–
–
22,005
863
22,871
116,008
40,813
27,410
42,510
143,418
83,323
47,610
–
30,298
24,738
1,510
8,947
33,621
–
4,547
8,957
40,794
33,870
37,972
42,235
9,919
8,833
27,995
21,182
–
62,489
234,266
211,251
7,089
2,761
1,675
2,875
8,764
5,636
2,909
–
1,851
1,673
92
605
2,054
–
278
606
2,493
2,291
2,320
2,857
606
598
1,711
1,433
–
4,226
14,314
14,289
(1) Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR.
(2) Other benefits include health care, Group personal accident cover, Group life cover, funeral cover, pension allowance and surplus leave encashed. Surplus leave days
accrued are automatically encashed unless work requirements allow for carry over.
(3) The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2022. The cash bonus is payable in February 2023 and the
share awards are allocated in February 2023. Shares vest over either a three- or five-year period in equal tranches.
(4) A Calderon was appointed as CEO and executive director with effect from 1 September 2021. All 2021 payments including salary, DSP awards, pension, and other
benefits were pro-rated and aligned to the appointment period (1 September 2021 - 31 December 2021).
(5) KC Ramon retired as Chief Financial Officer and executive director with effect from 30 June 2022 and her last day of employment was 31 December 2022. All
payments including salary, pension and other benefits were pro-rated and aligned to 30 June 2022. Included in other payments is payment in lieu of unworked notice
period from 1 July 2022 to 31 December 2022, as well as a waiver and restraint of trade payments.
(6) L Ali was appointed as Chief People Officer and prescribed officer with effect from 1 April 2022. All payments including salary, DSP awards and other benefits
were pro-rated and aligned to the appointment period. The sign-on awards of ZAR19.111m was awarded on appointment date, 1 April 2022, in lieu of forfeited
remuneration and shares from previous employer, of which ZAR5.525m will be settled in cash over a period of two years and ZAR13.586m will be settled in shares
vesting over a two year period in accordance with the JSE Listing Requirements.
(7) I Boninelli stepped down as Executive Group Human Resources Consultant and prescribed officer effective 31 March 2022. All payments including salary,
DSP awards (cash bonus only) and other benefits were pro-rated and aligned to the appointment period.
(8) TJ Briggs was appointed as Chief Development Officer and prescribed officer with effect from 1 April 2022. All payments including salary, DSP awards, pension and
other benefits were pro-rated and aligned to the appointment period. The sign-on awards of ZAR14.437m was awarded on appointment date, 1 April 2022, in lieu of
shares forfeited from previous employer and will be settled in shares vesting over a three year period in accordance with the JSE Listing Requirements
(9) VA Chamberlain stepped down as Interim Chief Development Officer and prescribed officer effective 31 March 2022. All payments including salary, DSP awards,
pension and other benefits were pro-rated and aligned to the appointment period. The DSP awards (cash bonus only) were pro-rated and paid for the period until his
retirement effective 31 October 2022 and were calculated based on his Senior Vice President salary and target bonus opportunity. Other payments reflect the acting
allowance for the acting period from 1 January to 31 March 2022.
(10) MC Godoy was appointed as Chief Technology Officer and prescribed officer effective 15 October 2021. All 2021 payments including salary, DSP awards, pension,
and other benefits were pro-rated and aligned to the appointment period (15 October 2021 - 31 December 2021).
(11) I Kramer was appointed as Interim CFO and prescribed officer from 1 July 2022 to 31 December 2022. All payments including salary, DSP awards, pension and other
benefits were pro-rated and aligned to the acting period. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2022 (DSP awards
were not pro-rated but were calculated based on his Senior Vice President salary and target bonus opportunity). Other payments reflect the acting allowance for the
acting period from 1 July to 31 December 2022.
(12) Exited prescribed officers include Mr. PD Chenard, who retired 31 January 2021, Mr. GJ Ehm, who retired 31 December 2021, Mr. S Ntuli, who separated from the
Company due to the reconfigured Operating Model effective 31 December 2021, and Ms. TR Sibisi, who resigned effective 30 September 2021.
(13) Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.3655 (2021: $1: R14.7842).
140
141
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Section 3: Remuneration Implementation Report January to December 2022
continued
Total cash equivalent received reconciliation
Awards earned during the
period reflected but not yet
settled
DSP 2021
cash portion
settled
Single total
figure of
remuneration
DSP
awards (1)
Sign-on
awards
granted
DSP share awards settled
Market
movement
since grant
date (2)
Vesting fair
value (2)
Grant
fair value (2)
Sign-on cash settled
Sign-on shares settled
Grant
fair value (2)
Currency
movement
since grant
date (2)
Settlement fair
value (2)
Grant
fair value (2)
Market
movement
since grant
date (2)
Vesting fair
value (2)
Total cash equivalent
received reconciliation
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
ZAR '000
US$ '000 (3)
Executive Directors
A Calderon
KC Ramon
Total Executive Directors
Prescribed Officers
L Ali
SD Bailey
I Boninelli
TJ Briggs
VA Chamberlain
L Eybers
MC Godoy
I Kramer
L Marwick
Exited Prescribed Officers
Total Prescribed Officers
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
116,008
(83,180)
–
7,557
(20,481)
(10,289)
40,813
27,410
42,510
(4,551)
(28,907)
143,418
(87,731)
–
–
–
83,323
(49,388)
(10,289)
47,610
(20,092)
(19,111)
–
–
30,298
(20,882)
24,738
(15,752)
1,510
8,947
–
(4,091)
–
–
–
–
–
33,621
(13,060)
(14,437)
–
4,547
8,957
–
–
(7,228)
40,794
(28,281)
33,870
(21,189)
37,972
(25,282)
–
–
–
–
–
–
42,235
(4,782)
(35,072)
9,919
8,833
(6,899)
(5,459)
27,995
(19,220)
21,182
(13,735)
–
–
62,489
(11,717)
–
–
–
–
–
–
234,266
(133,716)
(33,548)
211,251
(83,953)
(35,072)
–
9,951
11,479
17,508
11,479
–
–
4,965
6,793
4,091
–
–
–
2,944
–
6,516
9,402
1,594
–
2,184
2,434
4,273
4,760
–
30,884
26,567
54,273
–
–
12,666
7,751
12,666
7,751
–
–
7,101
3,892
–
–
–
–
7,908
2,099
11,177
6,683
–
–
2,196
1,772
3,151
1,543
–
21,213
31,533
37,202
–
–
3,174
1,596
3,174
1,596
–
–
1,376
504
–
–
–
–
(147)
425
2,776
1,375
–
–
205
340
364
262
–
4,086
4,574
6,992
–
–
15,840
9,347
15,840
9,347
–
–
8,477
4,396
–
–
–
–
7,761
2,524
13,953
8,058
–
–
2,401
2,112
3,515
1,805
–
25,299
36,107
44,194
–
10,289
–
–
–
10,289
–
–
–
–
–
–
–
–
–
–
–
–
–
4,583
–
–
–
–
–
–
–
4,583
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
10,289
–
–
–
10,289
–
–
–
–
–
–
–
–
–
–
–
–
–
4,583
–
–
–
–
–
–
–
4,583
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
40,385
20,332
48,650
34,429
89,035
54,761
6,246
(1,377)
4,869
13,276
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
13,720
4,400
18,120
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
22,858
20,175
5,601
4,856
6,124
–
15,252
4,253
32,982
30,141
32,404
6,964
7,605
7,920
16,563
14,012
–
6,513
19,966
6,513
3,644
3,023
3,644
10,157
22,989
10,157
117,112
152,665
205,433
2,468
1,375
2,973
2,329
5,441
3,704
811
–
1,397
1,365
342
328
374
–
932
288
2,015
2,039
1,980
471
465
536
1,012
948
–
7,922
9,328
13,896
(1) The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2022. The cash bonus is payable in February 2023 and the
(3) Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.3655 (2021: $1: R14.7842).
share awards are allocated in February 2023. Shares vest over either a three- or five-year period in equal tranches.
(2) Reflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested
DSP 2019, DSP 2020, DSP 2021 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award.
142
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Section 3: Remuneration Implementation Report January to December 2022
continued
Details of the share incentive scheme awards are reflected in the tables that follow.
Number of unvested awards and movement during the reporting period
Sign-on share
awards
Balance at
1 January Granted
Vested,
deemed
settled
Forfeited/
lapsed
Balance at
31 December
Fair value
of granted
awards (1)
Fair value
of vested
awards (2)
Fair value of
unvested awards
at 31 December (3)
ZAR ‘000
ZAR ‘000
ZAR ‘000
Prescribed Officers
L Ali
TJ Briggs
MC Godoy
Total Prescribed
Officers
Other
management (4)
Total sign–on
share awards
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
–
–
–
–
107,353
44,233
20,337
–
47,004
–
–
–
–
–
48,309
– 107,353
–
107,353
91,237
68,646
– 107,353
–
4,553
–
2,500
120,415
5,449 120,415
111,906
91,237
71,146
120,415 112,802 120,415
–
–
–
–
–
–
–
–
–
896
–
896
23,896
13,586
4,869
–
–
47,004
14,437
–
59,044
107,353
129,944
107,353
2,053
4,553
131,997
111,906
–
–
30,489
28,023
30,489
–
1,415
28,023
31,904
–
–
–
18,120
–
22,989
–
631
37,434
23,620
37,434
7,867
–
15,475
–
19,439
35,287
42,781
35,287
676
1,497
43,457
36,784
(1) The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date.
The share awards were granted on start date and will vest over a two- or three-year period in equal tranches in accordance with the JSE Listings Requirements.
(2) The fair value of vested awards represents the value received on settlement date.
(3) The fair value of unvested awards is calculated using the closing share price as at 31 December.
(4) The awards for other management for the 2021 comparatives include awards for Mr PD Chenard who retired as a prescribed officer on 31 January 2021.
Number of unvested awards and movement during the reporting period
DSP awards
Executive Directors
A Calderon
KC Ramon
Total Executive
Directors
Prescribed Officers
SD Bailey
VA Chamberlain (4)
L Eybers
MC Godoy
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Balance at
1 January
Granted
Vested,
deemed
settled
Forfeited/
lapsed
Balance at
31 December
Fair value
of granted
awards (1)
Fair value
of vested
awards (2)
Fair value of
unvested awards
at 31 December (3)
ZAR '000
ZAR ‘000
ZAR ‘000
–
–
41,601
–
–
–
183,487
134,421
58,442
46,383
79,541
30,475
183,487
100,043
46,383
134,421
79,541
30,475
90,037
52,433
27,159
19,889
162,348
115,886
33,127
24,712
51,929
14,325
15,498
8,228
43,252
40,818
72,734
26,272
–
–
10,180
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
41,601
13,938
–
195,546
183,487
237,147
183,487
98,452
90,037
–
27,159
164,782
162,348
10,180
–
–
19,580
24,576
33,518
24,576
11,099
16,045
4,351
4,788
14,491
22,473
3,411
–
–
–
15,840
9,347
15,840
9,347
8,477
4,396
7,761
2,524
13,953
8,058
–
–
13,696
–
64,380
60,312
78,076
60,312
32,413
29,595
–
8,927
54,251
53,364
3,352
–
12,986
26,547
13,598
DSP awards
I Kramer
L Marwick
Total Prescribed
Officers
Other
management (5)
Total DSP awards
Balance at
1 January
Granted
Vested,
deemed
settled
Forfeited/
lapsed
Balance at
31 December
Fair value
of granted
awards (1)
Fair value
of vested
awards (2)
Fair value of
unvested awards
at 31 December (3)
ZAR '000
ZAR ‘000
ZAR ‘000
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
17,824
9,776
12,892
11,816
6,942
6,884
41,821
28,814
10,043
11,482
36,223
5,884
–
–
–
–
20,658
17,824
60,592
41,821
339,189
138,135 109,062
13,598
354,664
212,582
188,200
61,593
–
339,189
3,275
3,651
9,654
11,192
46,281
58,149
2,401
2,112
3,515
1,805
36,107
18,895
1,581,013
555,777 788,105
150,099
1,198,586
186,208
234,197
1,759,320
917,607 773,100
322,814
1,581,013
283,513
237,928
2,103,689
793,955 943,550
163,697
1,790,397
266,007
286,144
2,106,323 1,185,348 865,168
322,814
2,103,689
366,238
266,170
6,801
5,859
19,949
13,747
116,766
111,492
394,610
519,678
589,452
691,482
(1) The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date,
24 February 2022.
(2) The fair value of vested awards represents the value deemed received on settlement date.
(3) The fair value of unvested awards is calculated using the closing share price as at 31 December 2022.
(4) Share awards lapsed due to retirement.
(5) The awards for other management for the 2021 comparatives include awards for Mr PD Chenard, who retired 31 January 2021, Mr GJ Ehm, who retired
31 December 2021, Mr S Ntuli, who separated from the Company due to the reconfigured Operating Model effective 31 December 2021, and Ms TR Sibisi,
who resigned effective 30 September 2021.
Minimum Shareholding Requirements
For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR
Executive
Executive Directors
A Calderon
Prescribed Officers
L Ali (1)
SD Bailey
TJ Briggs (1)
L Eybers
MC Godoy
I Kramer (2)
L Marwick
Six-year target
achievement date
September 2027
April 2028
January 2025
April 2028
March 2023
October 2027
July 2028
July 2026
MSR holding as at
31 December 2022
as a percentage
of net base pay
Three-year MSR target
achievement percentage
Six-year MSR target
achievement percentage
38%
56%
298%
0%
491%
206%
4%
144%
150%
100%
100%
100%
100%
100%
100%
100%
300%
200%
200%
200%
200%
200%
200%
200%
(1) Appointed prescribed officer with effect from 1 April 2022 and the three-year MSR achievement is due in April 2025.
(2) Appointed prescribed officer with effect from 1 July 2022 to 31 December 2022. The MSR holding is not required subsequent to the appointment period.
144
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Section 3: Remuneration Implementation Report January to December 2022
continued
2022 DSP performance outcomes
The Committee approved the 2022 DSP metrics Company
performance achievement of 94.86%. This was an important year
for the Company and the results demonstrate re-alignment of the
strategic priorities and focused delivery. Key highlights included:
• Incorporating a diverse new executive team and making
significant changes at the Senior Vice President and critical
skills level in the areas of Supply, Projects, Digital Technology
and Operations
• Achieving an unprecedented safety performance which
positions the Company well below the industry average in key
metrics and demonstrates significant progress in resetting the
safety culture
• Surpassing the production budget for the first time since 2017
and delivering Obuasi targets
• Reducing real cash costs which were less than 1% above the top
end of guidance, rising by 6% year on year, which was roughly
half the inflation rate experienced for the Company’s basket of
goods and services
• Consolidating Nevada as a multi-decade, cost competitive new
growth project
The table below summarises AngloGold Ashanti’s remuneration
metrics, their weightings, and performance against these metrics
applicable to the DSP during 2022:
Comparator group ranking and achievements for the TSR metrics for FY2022
Relative TSR measures the Company’s share price performance compared to the peer group on a relative basis. It is measured on a
three-year trailing average. A total of seven peers (Agnico Eagle Ltd, Barrick Gold Corp, Gold ETF, Gold Fields Ltd, Kinross Gold Corp,
Newcrest Mining Ltd and Newmont Mining Corp) are measured and numerically ranked, the positioning of AngloGold Ashanti in the
ranking determines the bonus achievement.
Based on the criteria below for 2022, AngloGold Ashanti was ranked seventh and was therefore positioned below the median at a
growth percentage of 13.00%; therefore, the achievement was calculated at below threshold (0%).
Criteria table for relative TSR
Threshold achievement (50%)
Target achievement (100%)
Stretch achievement (150%)
33.93%
49.05%
64.17%
Median
Halfway between median and upper quartile
Upper quartile
DSP performance measure
Weighting Threshold measures
Target measures
Stretch measures
2022
achievement
%
Absolute TSR measures the Company’s share price performance on a three-year trailing average and compares it to a percentage
increase relating to US cost of equity (US COE). The stretch target is achieved if US COE plus 6% is exceeded based on this calculation.
Currently the US COE is 6%, resulting in the stretch target to be 12%.
Financial
measures
Future
optionality
Safety
Health,
Environment
and
Community
People
Relative total
shareholder return
(measured in US$)
Absolute total
shareholder return
(measured in US$)
Normalised cash
return on equity
(nCROE)
Production
Total cash cost
All-in sustaining costs
Mineral Reserve
additions (pre-
depletion, asset
sales, mergers and
acquisitions)
Mineral Resource
(pre-depletion, asset
sales, mergers and
acquisitions)
All injury frequency
rate (AIFR) – one year
Major hazard control
compliance
Health (2.5%):
Reduction in
workforce exposed
to high respirable
crystalline silica dust
Environment (7.5%):
Greenhouse
gas emissions
management
Community (2%):
Business disruptions
as a result of
community unrest
Gender diversity
Key staff retention
Total
12.50%
Median TSR of
comparators
Halfway between
median and upper
quartile
Upper quartile TSR
of comparators
0.00%
7.50%
USD COE (6%)
USD COE + 2% (8%) USD COE + 6% (12%)
11.25%
15.00%
USD COE (6%)
USD COE + 9% (15%)
15.00%
10.00%
5.00%
2,550 oz (000)
$1,015/oz
$1,425/oz
2,734 oz (000)
$963/oz
$1,355/oz
USD COE + 18%
(24%)
2,837 oz (000)
$915/oz
$1,285/oz
22.50%
15.60%
0.00%
4.00%
5.50%
Plus 1.6Moz
Plus 3.2Moz
Plus 4.8Moz
5.98%
5.50%
Plus 4.2Moz
Plus 8.3Moz
Plus 12.5Moz
4.10%
≥2.5% performance
improvement (2.07)
≥5% performance
improvement (2.01)
≥7.5% performance
improvement (1.96)
8.00%
11.24%
95% critical control
compliance
99% critical control
compliance
99.5% critical control
compliance
4% reduction
7% reduction
13% reduction
12.00%
110% of budgeted
carbon emission
intensity (37.91)
100% of budgeted
carbon emission
intensity (34.46)
95% of budgeted
carbon emission
intensity (32.74)
17.33%
2
1
0
21% female
representation
23% female
representation
25% female
representation
85% pa
90% pa
95% pa
4.00%
100%
2.86%
94.86%
Criteria table for absolute TSR
Threshold achievement (50%)
US cost of equity (COE)
Target achievement (100%)
Stretch achievement (150%)
COE + 2%
COE + 6%
6.00%
8.00%
12.00%
AngloGold Ashanti’s growth percentage of 13.00% places them above the US COE plus 6% (12%); therefore, the achievement is on
stretch (11.25%). Refer to the TSR ranking table above.
Malus and clawback
No malus or clawback provisions were applied for the Executive Committee members in 2022.
Total remuneration outcomes – Alberto Calderon
Chief Executive Officer
Start date:
Notice period:
Change in control (as described in the Remuneration Policy, “Change in control” on page 138):
1 September 2021
12 months
12 months
CEO
(Rm)
Maximum
Target
Actual Earnings
0
26
26
26
7
7
7
39
79
150
26
28
50
52
111
55
116
100
150
200
Base salary Benefits DSP cash DSP deferral
Total actual pay for Mr Calderon in 2022, which could result from the remuneration policy stated above, is shown in relation to target and
maximum earning potential.
Maximum DSP cash bonus opportunity: 150%
Maximum DSP share awards opportunity: 300%
Total DSP opportunity: 450% (as % of base pay)
Final cash bonus results: 105.89%
Final share award results: 211.78%
Final DSP result for 2022: 317.67%
146
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AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022
Section 3: Remuneration Implementation Report January to December 2022
continued
CEO: Key objectives and achievements 2022
Weighting Comments
25%
AngloGold Ashanti’s safety performance improved year-on-year
Scorecard
Health, safety, environment and community
• Safety – 12.5%
• Health, environment and community – 12.5%
• Results aligned to Company DSP outcome
Financial and production
55%
• Achieve budget production and cash cost
• Significantly advance Project Full Potential:
Identify the full potential of 5-6 operations
and the measures to close the gap during
following 24 months
• Build major projects for the Company’s long-
term future inclusive of significant progress
made on:
• Obuasi – 5%
• Colombia project – 5%
• Nevada project – 5%
• Support the move of major capital projects
through development phases
• All injury frequency rate improved 41% to a record 1.26 in 2022 – less
than half the 2021 ICMM member average of 2.90
• Lost-time injury frequency rate fell 40% to 0.65 year on year
• Visible leadership on Major Hazard Critical Controls programme
• Set new greenhouse gas reduction targets for 2030, including
detailed programme of projects and capital estimates
Exceeded budgeted production for first time since 2017. Achieved real
cash cost reduction of 6% in volatile, inflationary environment, closing
the gap vs peer group, where costs increased above inflation:
• Improvement projects helped offset significant exogenous factors,
including flooding in Brazil and Covid impact on labour in Australia
• Siguiri management intervention helped exceed planned production
amid challenging operating conditions
• Obuasi production met market expectations
Initiated Full Asset Potential Programme:
• Six sites underwent FP programme; potential cost reductions
identified
• Workbooks in place to realise efficiencies over c.24 months
Growth Projects:
• Quebradona optimised feasibility study progressed; Environmental
Impact Assessment is in progress
• North Bullfrog feasibility study expected now in first half of 2023;
Feasibility study for Silicon rescheduled to include Merlin and other
orebodies
Individual KPIs
20%
• Implemented new Operating Model; achieved planned personnel
• Embed Operating model changes
• Effective stakeholder management through:
• Good corporate governance and risk
management
• Effective relationships with shareholders
and investors
• Good relations with governments in
operating countries
• Effective regular communication with
Board, executive Committee, operations,
projects and employees
Total
100%
efficiencies in corporate functions and business units, with
commensurate cost benefits
• Corporate governance - simplified Delegation of Authority framework
and implemented review of Group policies and standards
• Worked to develop relationship with shareholders and analysts
through industry conferences, roadshows and roundtable meetings.
Improved market understanding of overall strategy and Full Asset
Potential process, aided by engagement during results reporting and
set-piece engagements
• Government relations strengthened - increased personal interactions
with key officials, including high-level meetings with governments of
Ghana and Tanzania to strengthen relationships and discuss issues
of mutual interest
• Employee townhalls, site visits and visible leadership on mental
wellbeing and sexual harassment campaigns. Culture survey results
and subsequent workshops and feedback sessions have effectively
boosted employee morale and engagement
• Implemented an integrated new Exco and significant changes at
senior management level to ensure robust capability to deliver the
business plan
• Global implementation of the anti-discrimination and sexual
harassment standards
CEO: Performance incentive outcome 2022
2022 DSP performance outcome
Financial performance targets
Relative total shareholder return
Absolute total shareholder return
Normalised cash return on equity (nCROE)
Production
Total Cash Costs
All-in sustaining costs
Mineral Reserve pre-depletion
Mineral Resource additions pre-depletion
Safety
Health, Environment and Community
Core value: People
Total % for Company performance:
Organisational performance weighting:
A - Organisational performance weighted outcome:
Individual performance results
Actual individual targets and strategic objectives are not disclosed in order to
maintain commercial confidentiality in competitive markets.
Individual performance weighting:
Performance rating award correlation:
B - DSP opportunity based on individual performance:
Total % of DSP pay opportunity (A+B)
On-target total cash bonus opportunity (as % of base pay)
On-target total deferred share award opportunity (as % of base pay)
Final cash bonus result (as % of base pay)
Final deferred share award result (as % of base pay)
Base pay as at 31 December 2022 (all offshore payments converted to ZAR at
exchange rate of ZAR16.3655: USD1)
Annual cash portion of DSP:
Annual deferred share portion of DSP (to vest over five years):
Total 2022 deferred share plan award:
Weighting
DSP award outcome
12.50%
7.50%
15.00%
15.00%
10.00%
5.00%
5.50%
5.50%
8.00%
12.00%
4.00%
100.0%
0.00%
11.25%
22.50%
15.60%
0.00%
4.00%
5.98%
4.10%
11.24%
17.33%
2.86%
94.86%
80.00%
=
75.89%
20.00%
X
150.00%
=
30.00%
105.89%
x
100.00%
200.00%
=
105.89%
211.78%
x
26,184,800
=
27,726,561
55,453,122
83,179,683
148
149
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Section 3: Remuneration Implementation Report January to December 2022
continued
Total remuneration outcomes – Christine Ramon
Start date:
Notice period:
Change in control (as described in the Remuneration Policy, “Change in control” on page 138):
1 October 2014
6 months
6 months
Chief Financial Officer – six months (January – June 2022)
Total actual pay for Ms Ramon for January to June 2022, which could result from the remuneration policy stated above, is shown in
relation to target and maximum earning potential.
Maximum DSP cash bonus opportunity: 127.5%
Maximum DSP share awards opportunity: 277.5%
Total DSP opportunity: 405% (as % of base pay)
Final cash bonus results: 83.63%
Final share award results: 0%
Final DSP result for 2021: 83.63%
CFO
(Rm)
Maximum
Target
11
11
2
2
14
9
30
42
20
57
Actual Earnings
5
5
5
15
CFO: DSP performance incentive outcome 2022
2022 DSP performance year outcome
Financial performance targets
Relative Total Shareholder Return
Absolute Total Shareholder Return
Normalised cash return on equity (nCROE)
Production
Total Cash Cost
All-in Sustaining Costs
Mineral Reserve pre-depletion
Mineral Resource additions pre-depletion
Safety
Health, Environment and Community
Core value: People
Total % for Company performance:
Organisational performance weighting:
A - Organisational performance weighted outcome:
0
10
20
30
40
50
60
Individual performance results
Base salary Benefits DSP cash DSP deferral
CFO: Personal KPIs and performance 2022 (January to June 2022)
Weightings
CFO Personal KPIs
5%
Leadership and
stakeholder
engagement
auditors and joint venture partners
Comments
• Maintained effective relationships with equity and debt investors, banks, ratings agencies,
• Continued to provide input at relevant stakeholders’ forums on financial, tax and regulatory
matters
Actual individual targets and strategic objectives are not disclosed in order to
maintain commercial confidentiality in competitive markets.
Individual performance weighting:
Performance rating award correlation:
B - DSP opportunity based on individual performance:
15%
• Refinanced $1.4bn multi-currency RCF by mid-June 2022 at favourable terms, for a five-
Total % of DSP pay opportunity (A+B)
year tenure with two one-year extensions
Liquidity, credit ratings
and balance sheet
management
Cost discipline and
cash preservation
measures
• Proactively engaged the ratings agencies on the Company’s strategy, operational
performance, and cost initiatives. AngloGold Ashanti’s credit ratings were maintained by
all three credit ratings agencies
50%
• Production and cost guidance remained on track for the year in the first half of 2022
• Maintained focus on optimising corporate costs, as well as non-essential expenditure
• Proactively managed supply chain risks across the business amidst challenging market
conditions resulting from COVID-19-related impacts and the Russia/Ukraine war
• Adequate levels of consumables and spares (3-6 months) have been maintained across
the operations to maintain business continuity. Targeted supply chain savings remained
on track despite inflationary pressures due to stocking and pricing strategies and ensured
that the full asset potential programme was adequately supported
Governance and risk
management
15%
• Ensured that a strong culture of compliance and consistency of accounting practices
prevailed through regular interaction with business units
• Ensured a strong focus on the Tanzanian tax matters and that there is appropriate
disclosure of all tax exposures
• Assessed oil hedging at various intervals earlier in the year
• The approved operating model structures for the Finance and Supply functions were
embedded well before the end of June 2022; appropriate transition plans developed
identified risks
• Ensured that the business process optimisation initiatives had been progressed and that
projects have been put in place to address the recommendations
Implementation of the
Operating Model
15%
Total
100%
On-target total cash bonus opportunity (as % of base pay)
On-target total deferred share award opportunity (as % of base pay)
Final cash bonus result (as % of base pay)
Final deferred share award result (as % of base pay)
Base pay for six months as at 30 June 2022 (all offshore payments converted to
ZAR at exchange rate of ZAR16.3655: USD1)
Annual cash portion of DSP:
Annual deferred share portion of DSP (to vest over five years):
Total 2022 deferred share plan award:
150
151
Weighting
DSP award outcome
12.50%
7.50%
15.00%
15.00%
10.00%
5.00%
5.50%
5.50%
8.00%
12.00%
4.00%
100.00%
0.00%
11.25%
22.50%
15.60%
0.00%
4.00%
5.98%
4.10%
11.24%
17.33%
2.86%
94.86%
80.00%
=
75.89%
20.00%
X
112.50%
=
22.50%
98.39%
x
85.00%
185.00%
=
83.63%
0.00%
x
5,441,578
=
4,550,781
0
4,550,781
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Section 3: Remuneration Implementation Report January to December 2022
continued
Supplementary information
Non-Executive Directors’ fees and allowances
For 2022 the Non-Executive Directors elected not to receive a fee increase to align with the executives and senior management teams
who did not receive a salary increase due to the Company reorganisation.
The table below details the 2022 fees and allowances paid to non-executive directors during the year as approved by shareholders.
In this segment:
Supplementary Information
Director fees (1)
Committee
fees
Travel
allowance
Total
Total
2022
(USD)
56,000
104,500
86,500
89,000
50,500
50,500
30,000
85,500
110,000
662,500
8,750
10,000
26,250
33,750
13,750
18,750
8,750
18,750
23,750
373,550
281,200
238,650
248,650
190,150
195,150
134,050
230,150
259,650
2021
(USD)
2020
(USD)
451,350
296,400
240,300
254,800
201,550
0
177,800
249,800
278,550
202,375
222,500
103,250
197,000
173,500
0
170,500
208,750
205,875
162,500
2,151,200
2,150,550
1,483,750
308,800
166,700
125,900
125,900
125,900
125,900
95,300
125,900
125,900
1,326,200
MDC Ramos (Chairperson)
R Gasant (Lead Independent Director)
KOF Busia
AM Ferguson
AH Garner
SP Lawson (2)
NVB Magubane (3)
MC Richter
JE Tilk
Total
(1) Includes the annual base fee paid to NEDs as well as fees paid for special Board meetings.
(2) SP Lawson appointed as an independent non-executive director with effect from 1 December 2021.
(3) NVB Magubane passed away on 30 October 2022. Includes fees paid up to last working day.
Non-Executive Directors' MSR
Policy requirements
Non-Executive Directors (NEDs) are required to hold a minimum shareholding in AngloGold Ashanti equivalent to 150% of their annual
base fee, valued on the basis of the greater of:
1) Original purchase price
2) Share price on the date on which the policy was adopted being 21 February 2022
3) Prevailing market price on 31 December each year
• Achieve 75% of annual base fee within two years of the approval of the policy for existing NEDs (i.e. 21 February 2024), and from the
effective date of appointment for new NEDs
• Achieve 150% of annual base fee within four years of the approval of the policy for existing NEDs (i.e. 21 February 2026), and from
the effective date of appointment for new NEDs
• If a decline in the share price causes a NED to fall below MSR on the basis of the prevailing market price, the NED is not required to
purchase further shares although must refrain from disposing of any shares
• Where increases to a NED’s base fee occurs, NEDs are provided four years from the date of the increase to purchase further shares to
close any shortfall
For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR.
Four-year target
achievement date
MSR holding as at
31 December 2022 as
a percentage of annual
base fee
Two-year MSR
target achievement
percentage
Four-year MSR
target achievement
percentage
Non-Executive Directors
MDC Ramos (Chairperson)
February 2026
R Gasant (Lead Independent director)
February 2026
KOF Busia
AM Ferguson
AH Garner
SP Lawson
MC Richter
JE Tilk
February 2026
February 2026
February 2026
February 2026
February 2026
February 2026
152
0%
0%
36%
90%
404%
51%
203%
50%
75%
75%
75%
75%
75%
75%
75%
75%
150%
150%
150%
150%
150%
150%
150%
150%
Forward-looking statements
Administration and corporate information
P155
P156
153
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 Forward-looking statements
Administration and corporate information
Certain statements contained in this document, other than
statements of historical fact, including, without limitation,
those concerning the economic outlook for the gold mining
industry, expectations regarding gold prices, production, total
cash costs, all-in sustaining costs, all-in costs, cost savings
and other operating results, return on equity, productivity
improvements, growth prospects and outlook of AngloGold
Ashanti’s operations, individually or in the aggregate, including
the achievement of project milestones, commencement and
completion of commercial operations of certain of AngloGold
Ashanti’s exploration and production projects and the completion
of acquisitions, dispositions or joint venture transactions,
AngloGold Ashanti’s liquidity and capital resources and capital
expenditures, the consequences of the COVID-19 pandemic and
the outcome and consequences of any potential or pending
litigation or regulatory proceedings or environmental, health and
safety issues, are forward-looking statements regarding AngloGold
Ashanti’s operations, economic performance and financial
condition. These forward-looking statements or forecasts involve
known and unknown risks, uncertainties and other factors that
may cause AngloGold Ashanti’s actual results, performance or
achievements to differ materially from the anticipated results,
performance or achievements expressed or implied in these
forward-looking statements. Although AngloGold Ashanti believes
that the expectations reflected in such forward-looking statements
and forecasts are reasonable, no assurance can be given that
such expectations will prove to have been correct. Accordingly,
results could differ materially from those set out in the forward-
looking statements as a result of, among other factors, changes in
economic, social, political and market conditions, including related
to inflation or international conflicts, the success of business and
operating initiatives, changes in the regulatory environment and
other government actions, including environmental approvals,
fluctuations in gold prices and exchange rates, the outcome
of pending or future litigation proceedings, any supply chain
disruptions, any public health crises, pandemics or epidemics
(including the COVID-19 pandemic), and other business and
operational risks and other factors, including mining accidents.
For a discussion of such risk factors, refer to AngloGold Ashanti’s
annual report on Form 20-F for the year ended 31 December 2022
filed with the United States Securities and Exchange Commission.
These factors are not necessarily all of the important factors that
could cause AngloGold Ashanti’s actual results to differ materially
from those expressed in any forward-looking statements. Other
unknown or unpredictable factors could also have material adverse
effects on future results. Consequently, readers are cautioned
not to place undue reliance on forward-looking statements.
AngloGold Ashanti undertakes no obligation to update publicly
or release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events, except to the extent
required by applicable law.
All subsequent written or oral forward-looking statements
attributable to AngloGold Ashanti or any person acting on its
behalf are qualified by the cautionary statements herein.
Non-GAAP financial measures
This document may contain certain “Non-GAAP” financial
measures. AngloGold Ashanti utilises certain Non-GAAP
performance measures and ratios in managing its business. Non-
GAAP financial measures should be viewed in addition to, and not
as an alternative for, the reported operating results or cash flow
from operations or any other measures of performance prepared
in accordance with IFRS. In addition, the presentation of these
measures may not be comparable to similarly titled measures
other companies may use.
Materiality disclaimer
Inclusion of information in this report, including any
discussion, analysis or assessment of “material”,
“significant”, “key” or similarly described information
is not an indication that we deem such information to
be material to an investment decision related to our
securities or important to an understanding of our
business more generally. This report also contains
certain forward-looking statements, including “forward-
looking statements” made within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995.
In particular, these include, among other statements,
forward-looking statements relating to the Company’s
future performance, goals and objectives, as well
as future regulatory developments, with respect to
sustainability and other environmental, social and
governance matters. Such statements are often, but
not always, made through the use of words or phrases
such as “believes,” “expects,” “anticipates,” “estimates,”
“intends,” “plans,” “seeks”, “will,” “should,” “could” or “may”
or words of similar meaning. They may involve estimates
and assumptions that are subject to risks, uncertainties
and other factors. These and other statements made in
this report may be affected by a wide range of variables
that could cause actual results and performance to differ
materially from those currently anticipated, including
the risk factors set forth in our Report on Form 20-F
filed on 16 March 2023 with the U.S. Securities and
Exchange Commission.
AngloGold Ashanti Limited
Registration No. 1944/017354/06
Incorporated in the Republic of
South Africa
Directors
Executive
A Calderon
(Chief Executive Officer)
GA Dorana (Chief Financial Officer)
Share codes:
ISIN: ZAE000043485
JSE: ANG
NYSE: AU
ASX: AGG
GhSE: (Shares) AGA
GhSE: (GhDS) AAD
JSE Sponsor:
The Standard Bank of South Africa Limited
Auditors:
Ernst & Young Inc.
IBIS Consulting (Pty) Ltd
Offices
Registered and Corporate
112 Oxford Road, Houghton Estate,
Johannesburg, 2198
(Private Bag X 20, Rosebank, 2196)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Level 10 AMP Building
140 St George’s Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 773400
Fax: +233 303 778155
Share registrars
South Africa
Computershare Investor Services
(Pty) Limited
Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196
(Private Bag X9000, Saxonwold, 2132)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
E-mail: Queries@Computershare.co.za
Website : www.computershare.com
Australia
Computershare Investor Services
Pty Limited
Level 11, 172 St George’s Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (Australia only)
Fax: +61 8 9323 2033
Non-executive
MDC Ramos ^ (Chairperson)
KOF Busia°
AM Ferguson *
AH Garner #
R Gasant ^
SP Lawson #
MC Richter #~
JE Tilk5
# American Australian * British
5Canadian ° Ghanaian a Irish
~Panamanian ^ South African
Officers
LM Goliath
Group Company Secretary
Investor Relations contacts
Ghana
Yatish Chowthee
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
E-mail:
yrchowthee@anglogoldashanti.com
Andrea Maxey
Telephone: +61 08 9425 4603
Mobile: +61 400 072 199
Email: amaxey@anglogoldashanti.com
NTHC Limited
18 Gamel Abdul Nasser Avenue
Ringway Estate
Accra, Ghana
Telephone: +233 302 235814/6
Fax: +233 302 229975
ADR Depositary
BNY Mellon (BoNY)
BNY Shareowner Services
PO Box 30170
College Station, TX 77842-3170
United States of America
Telephone: +1 866-244-4140
(Toll free in USA) or
+1 201 680 6825 (outside USA)
E-mail:
shrrelations@cpushareownerservices.com
Website: www.mybnymdr.com
Global BuyDIRECTSM
BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLOGOLD ASHANTI.
Telephone: +1-888-BNY-ADRS
154
155
AngloGold Ashanti Limited 2022AngloGold Ashanti Limited 2022 www.anglogoldashanti.com
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